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INTERNATIONAL 



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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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■ China’s Nuclear Puzzle: 
First, Who’s the Target? 

End of Cold Work Forcing Beijing 
To Make Difficult Strategic Choices 


By Patrick E. Tyler 

New York Times Service 

BEIJING — In the next few months, 
as American and Russian reconnais- 
sance satellites watch, China's nuclear 
weapons agency wffl lower a hydrogen 
bomb into an 1,800-foot shaft beneath 
the Gobi Desert- 

Then, at the most politically oppor- 
tune moment, the order will go out to 
detonate it 

Like one exploded earlier this month, 
the warhead may be the prototype for 
China’s new submarine-launched bal- 
listic missile. Or it may be a miniatur- 
ized warhead that could be bolted to 
China's first multiple-warhead missil e 
able to reach Russian and American 
cities. 

Whatever the design and function of 
its latest nuclear weapons, the question 
is: Where is China's strategic enemy? 

China, the world’s third -largest nu- 
clear power in terms of explosive 
strength, is wrestling with basic choices 
about the financing and deployment of 
its nuclear forces. 

Should it build a fleet of ballistic 
missile submarines to give the govern- 
ment added assurance that it could Ere 
a retaliatory strike in a nuclear war, 
even if building such a fleet requires the 
diversion of billions of dollars from 
pressing domestic needs? 

Does it need new mobile interconti- 


nental missil es able to reach Moscow 
and Washington, or should it channel 
that investment into railroads, high- 
ways, bridges and power plants, which 
are all desperately needed to develop 
the economy? 

“It is clear that there is a great debate 
in China over who is the enemy and 
what is die target,” said Professor John 
W. Lewis of Stanford University, an 
authority on C hina 's defense establish- 
ment and a close associate of Defense 
Secretary William J. Perry, who has 
been pressing China to stop its nuclear 
testing program. 

The rad of the Cold War has caught 
China's military leaders in midstream 
as they try to modernize their Erst gen- 
eration of nuclear weapons and delivery 
systems, which were deployed in the 
1970s and 1980s. The second-genera- 
tion improvements in mobility, reliabil- 
ity and overall survivability are essen- 
tial, China’s military leaders assert if 
China’s modest deterrent force is to be 
credible into the next century. 

By comparison, the nuclear inven- 
tories of Russia and the United States 
are each 20 times as large as China’s. 
France reportedly has more warheads, 
but the total explosive power of China's 
300 to 400 weapons makes it the third- 
largest nuclear weapons state by most 

See CHINA, Page 4 


France Is Forced to Open 
*Fwo Air Routes to Rivals 


By Erik Ipsen 

International Herald Tribune 

Nearly two years after Europe suppos- 
edly opened its skies to free competition 
among its airlines, the European Court of. 
Justice on Wednesday overruled France's 
objections to opening its two most profit- 
able domestic routes to foreign earners. 

Shortly after the derision, the French 
Transport Ministry agreed to allow com- 
petition on routes from Orly airport, south 
of Paris, to Marseille ana Toulouse. At 
present those routes are served solely by 
state-owned Air Inter. 

“It is one more step along the way to 
open skies in Europe,’* said Ian Rennard- 
son, an airline analyst with Yamaichi In- 


ternational in London. “But frankly the 
pace has been more of a drip, drip, drip 
than a waterfall ” 

The French transport minister. Bernard 
.Bosson, said, he now expected to approve 
new carriers for the routes by Thursday. 
But he said he would allow them to begin 
service in January, not on Friday, the day 
set by the European Commission in an 
earlier ruling and confirmed by the court 
on Tuesday. 

Airline analysts suggested that the long- 
delayed opening of Orly may have been 
part of a deal between the French govern- 
ment and the European Commission. They 
noted an article last summer in the French 

See ORLY, Page 4 


living Too High in Hungary 

Leadership Shies From Belt- Tightening 
Despite Warnings of Severe Problems 


By Jane Periez 

New York Times Service 

BUDAPEST — Hungary, once viewed 
as Eastern Europe’s beacon of economic 
hope, is faring a slump unknown since the 
country started on its journey toward capi- 
talism. 

Export earnings have crashed. Inflation 
is on an upward trend. And Hungary con- 
tinues to have the highest per capita for- 
irign debt in Europe: 

Simply put, almost everyone, including 
senior members of the new government, 
acknowledges that Hungary is living be- 
yond its means. 

, But what to do about it presents a politi- 
cal conundrum for the resurrected former 
Communis ts who came to power three 
months ago. Their supporters, disgruntled 
by the tough times of the last four years, - 
are alarmed by the prospect of cuts in 
[social benefits, which are among the most 
.generous in the region. 

During a visit last week, the director of 
'the International Monetary Fund, Michel 
•Camdessus, bluntly told the government it 
-must curb social spending. The country, he 
said, could not sustain its “serious” bal- 
■ance-erf-payments deficit, which stands at 
: 9 percent of economic output, and a bud- 
■get deficit at 7 percent of gross domestic 
product. 

■ Among the benefits the fund says must 


London, Thursday, October 27, 1994 


No. 34,730 


Israel and Jordan Sign Treaty 
To End 46 Years of Hostilities 


By Barton Geljman 

Washington Post Service 

WADI ARAB A, Israel-Jordan Border — Israel and 
Jordan signed a peace agreement Wednesday at this 
bleak desert border post, putting formal end to their 46- 
year state of war and launching what both governments 
expect to be a broad and warm partnership of neighbors. 

The treaty is the fust between Israel and an Arab state 
since an abortive agreement with Lebanon in 1983 and 
the most important since the breakthrough with Egypt in 
the 1979 Camp David accords. 

Unlike the “cold peace” with Egypt, which resulted in 
few commercial or cultural ties, the Israel-Jordan treaty 
contemplates swift cooperation in tourism, trade, road 
and rail links, water resources, and environmental protec- 
tion. The two nations on Wednesday threw switches 
ran n wring their electrical grids in (he southern port cities 
of Filar and Aqaba immediately after the signing ceremo- 
ny here. 

President Bill Clinton, who signed the accord as a 
witness, promised to support the peacemakers against 
“the forces of terror.” 


Mr. Clinton praised the treaty for breaking chains 
“that for too long have kept you shackled in the shadows 
of strife and suffering.” 

The president said, “I say to the people of Israel and 
Jordan: Now you must make this peace real, to turn co- 
in an’s-1 and into every man's home, to take down the 
barbed wire, to remove the deadly mines, to help the 
wounds of war to heal.” 

The treaty resulted from direct talks between King 
Hussein and Prime Minister Yitzhak Rabin, which were 
intensif ied amid, an d in answer to, a sharp surge of terror 
attacks against Israel. 

King Hussein and Mr. Rabin both began their remarks 
Wednesday with celebratory allusions to religion and 
friendship. 

“Peace be upon you, God's peace,” said the Jord an i an 
long in Arabic and then English, describing the phrase as 
“the greeting with which Muslims and Arabs receive their 
guests.” 

He said that, “All the children of Abraham will remem- 
ber” this day as the “dawning of a new era of peace.” 

Mr. Rabin began in Hebrew with the greeting used mi 
holy days, wishing joy to the people of Israel and Jordan. 


Comparing previous relations with Jordan to the “arid 
desert” all around bun. he said the two nations would 
“draw on the springs of our great spiritual resources, to 
forgive the anguish we caused each other, to clear the 
minefields that divided us for so many years” and to 
supplant them with “fields of plenty.” 

For Israel, the agreement secures the largest part of a' 
long-hostile border and marks a milestone in nor m a l izi n g 
a nation accustomed to thinking of itself as encircled by 
enemies. 

For Jordan, it comes as a declaration of independence 
from more radical Arab neighbors and ends an estrange- 
ment with the West that began in the Gulf War, when 
King Hussein felt obliged to give his tacit support to Iraq. - 

Security arrangements were described by Israeli offi- 
cials as the tightest and most extensive in the nation’s 
history. 

No disruption was apparent here, but Israel Radio 
reported mortar Ere from southern Lebanon into Israel's 
northern Galilee panhandle at about the time the signing 
ceremony began. There were no casualties arid no dam- 

See PEACE, Page 4 




be reviewed are tbe three kinds of child 
support payments families receive on the 
birth of a child; pensions starting at 55 
years of age for women and 62 for men; 
unemployment benefits that begin imme- 
diately upon leaving school and last for 
one year of joblessness; and generous pay- 
ments for medicines. 

But restricting tbe social welfare net 
during a period of 12 percent unemploy- 
ment does not sit well with voters who 
fondly recall the Communist era of full 
employment and no inflation. Tbe infla- 
tion rate is edging over 20 percent, econo- 
mists said. 

“I would be hard hit if they cut the 
allowance,” said Etelka Kiss, 37, a di- 
vorced mother, as she picked up her 4- 
year-old daughter, Virag, from kindergar- 
ten. “When she was bom, I had 7,000 
forints {about $70] a month to live on. 
What would 1 have done without the 3.000 
forints family allowance?” 

Prime Minister Gyula Horn has ac- 
knowledged that fiscal austerity is needed 
but also reassured his constituency that the 
serial set would stay intact The govern- 
ment has retroactively raised pensions 
across the board by 8 percent and deferred 
increases in value-added tax and energy 
prices until next year. 

By delaying the inevitable, some politi- 

See SLUMP, Page 4 


Sn NackJtnmd/Aprace France- Presw 

President Bill Clinton applauding as Prime Minister Yitzhak Rabin of Israel, left, and King Hussein of Jordan shook hands at the treaty-signing Wednesday. 

In Region, Little Solace Clinton Outlines Support 

Arabs Find Much Amiss WithPact ButHe Warns Terror Stitt a Danger 


By Youssef M. Ibrahim 

New York Times Service 

JERUSALEM — Many Arabs are 
greeting the peace treaty between Jordan 
and Israel without much joy. Though it is a 
turning point in the 46-year ArabTsraeli 
conflict. Arabs tend to regard the treaty as 
an admission of an Arab defeat in a long 
struggle rather than an honorable end that 
deserves rejoicing. 

Unlike the anticipation that surrounded 
tbe Madrid peace conference of 1991, 
when hopes were high that a new era might 
be about to begin in the Middle East, the 
feeling this time is that an uneven peace is 
taking shape in which Israel and its strate- 
gic ally the United States, are reaping the 
fruits of a victory while Arabs are simply 
hitching themsdves to an inevitable but 
not particularly rewarding venture. 

Throughout the region — including Is- 
rael — the sentiment is that the treaty is an 


agreement among beads of states, not peo- 
ples; that it is more of an American party 
than a Middle East feast; and that these 
dramatic advances need much nurturing 
before they can usher in a new era. 

In Israel where Prime Minister Yitzhak 
Rabin and senior figures in his Labor-led 
coalition government appear charmed by 

NEWS ANALYSIS 

King Hussein of Jordan and too pleased 
with their success in prying open tbe doors 
of one Arab capital after another, the na- 
tion seems to lag behind in enthusiasm, 
still dwelling over tbe terrorist attacks that 
took nearly 30 lives in the last three weeks. 

Traumatized by the Tel Aviv bus bomb- 
ing last week, Israelis have their minds 
focused on Hamas, the radical Islamic Pal- 
estinian organization that has taken re- 

See ARABS, Page 4 


By Douglas Jehl 

New York Tima Service 

AMMAN, Jordan — Just hours after 
celebrating the formal peace between Isra- 
el and Jordan, President Bill Clinton out- 
lined a plan Wednesday night to promote 
economic development across the Middle 
East but coupled it with a warning that 
violence could still tear the region asunder. 

To a joint session of tbe Jordanian Par- 
liament. Mr. Clinton served notice of the 
mixed optimism and apprehension with 
which bis administration is looking be- 
yond the historic accord. As he prepared to 
travel on Thursday to Syria, which has not 
yet agreed to peace terms, the president 
spoke Wednesday night of the stark 
choices he said the region still faced. 

“It is tbe age-old struggle between fear 
and hope,” Mr. Clinton declared. With 
King Hussein sitting behind him and the 
members of Parliament and distinguished 


guests packed into the circular chamber, 
he praised Jordan for its “bold choice” but 
said all of the region must remain on guard 
against “those who preach hate and ter- 
ror.” 

As the first American president to ad- 
dress the Jordanian body, Mr. Clinton 
used the occasion to issue a strong pledge 
of support for the country and its quest for 
peace. 

He promised that the United States 
would take a leading role in establishing a 
Middle East Development Bank to finance 
prqjects undertaken by the region’s newly 
amicable neighbors, and said that the 
Overseas Development Investment Corp. 
would provide $75 million to promote new 
private investment, nearly all ofit in Jor- 
dan. 

“Today, let me say, on behalf of the 
United States: 1 will not let you down,” 

See CLINTON, Page 4 


Modem Mall in Soweto Rings Up Cheers (and Jeers ) 


By Bill Keller 

New York Tuna Service 

£ t SOWETO, South Africa — Late last 
year, a group of white executives from 
Sanlam Properties, a leading South Afri- 
•esn development company, piled into a 

Newsstand Prices 

^ Bahrain ...0.800 Din Malta .35 c. 

- Cyprus c.£l.00 Nigeria .90,00 Naira 

' 5ramarkl4.00D.Kr. 

Finland 11 FJW. 2E"”\°2 rK 

f fi ftC .—.►•O-UU RlOIS 

rl'S Rep. lrelandlR£ 1.00 
Great Brltom.£M5 Arabkj 900 R 

Egypt — E.P.5000 south Africa R6 

Jordon IJD U.A.E JJODirh 

; Kenya. ... K. SH. ISO U.5.MiL (Eur.)Sl.lO 
Kuwait. .500 Fils Zim&o&wa 2im.sao.M 


minivan and rode into terra incognita, the 
sprawling black metropolis of Soweto. 

As Jacobus A. SwanepoeL, Sanlam’s re- 
gional ma nag er, recounts that journey, it is 
tempting to imagine a carload of cartoon 
capitalists with dollar signs ringing in their 
eyes. Soweto, impoverished, alien, op- 
pressed and battle-torn, suddenly seemed 
a land of untapped opportunity. 

The first result of that trip materialized 
on Sept 29: the biggest and most modern 
shopping center any black township has 
ever seen, complete with a family steak- 
house, a triplex cinema, automated teller 
machines, an appliance store, clothiers — 
and a gun shop. 

At the mall’s heart is a vast air-condi- 
tioned Shoprite supermarket that has 


brought some Soweto shoppers close to 
joyous tears. After years of commuting to 
stores on the periphery’ of the black en- 
clave, or paying the inflated prices of tiny 
township convenience shops, shoppers 
have discovered in the wide aisles of Sho- 
pritc an equality nearly as satisfying as the 
one conferred by last April’s elections. 

But the new interest of white retailers 
has generated a bitter outcry from some 
black businessmen in the townships. They 
complain that after decades of weathering 
the strains of an apartheid ghetto, black 
entrepreneurs arc being bulled aside by the 
economic power of white outriders who 
have discovered gold in black townships. 

“I feel tike a man on a bicycle who's 
been- overtaken by a jet.” said Paul Gama, 
chairman of Blackcnain Ltd., a black-con- 


trolled company that owns three struggling 
grocery stores in black townships. 

Max M. Legodi, head of the Greater 
Soweto Chamber of Commerce a ad Indus- 
tries, which speaks for hundreds of small 
retailers in the township, was sympathetic. 
“Ah these years we had no access to capi- 
tal. no access to credit,” be said. “We were 
not able to gain expertise in business man- 
agement We did not have relationships 
with suppliers lo buy in bulk. We could not 
do business in white areas.” 

These men argue that white entrepre- 
neurs moving into the “emerging markets” 
of black townships should be obliged — by 
political pressure, if not by law — to take 
local partners, as do many foreign compa- 
nies that come to South Africa. Until now. 
See SOWETO, Page 4 


Kiosk 

U.S. Moves to Assure North Koreans 


^ Down 
vs 236 
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.. 

The Dollar 


& 0.38% f* 


wad gaga 
1.4911 
T.638 
96.83 
5.1035 


Health /Science 

Doctors puzzle over the case of a man 
who defies science. He is still growing at 
the age of 28. Page 8. 


Seeking to reassure North Korea, 
President Bill Clinton promised that 
country's leader in a letter released 
Wednesday that he was committed to 
providing two light-water reactors to 
the North in exchange for its agreeing to 
freeze its nuclear program. 

In the letter to Kim Jong 1L, Mr 
Clinton stud he would use “the fuli 
powers” of his office to provide the 
reactors if the project were not compiet- 
ed for reasons > timed the control of 
North Korea. Mr. Clinton made no spe- 
cific financial commitment. (Page 5 ) 


Book Review 


Page 8. 









INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 27, 1994 


Election in Moscow: A Little Strange but Very Normal 


WORLD BRIEFS 


By Steven Erlanger 

Me* York Timet Service 

vnr TISHCHI, Russia — This is a 
measure of politics in the new Russia. 

W|U ** a ®P«ial election here 
"today to replace a member of Parlia- 
tnent gunned down outside his apart- 
ment house in late April, in a killing 
thought to be mob-related. 

One of the 12 candidates is Kon- 
siantm Borova, the founder of the 
first commercial exchange in the Sovi- 
et Union, whose posters show him in 
audience with the patriarch of the Rus- 
sian Orthodox Church, Alexei II. Mr. 
Borovoi says he narrowly escaped as- 
sassination twice in a year. 

There is a nationalist candidate. An- 
™ Sddnikov, whose posters show 
him with the grieving mothers of sol- 
diers killed in Afghanistan. Another 
candidate, Leonid Barashkov, a busi- 
nessman, boasts of financing a soccer 
team and creating a new bus route, 
then offers three "Barashkov family 
recipes" using mushrooms. 


And then, there’s the requisite qua- 
si-fascist. Alexander Fyodorov of the 
Russian National Unity party, whose 
symbol is an elongated white swastika 
on a black field. Mr. Fyodorov calls 
for Russian purity and the fight 
against crime, in that order. 

But the Favorite in the race is Sergei 
Mavrodi, the mysterious boss of the 
MMM financial pyramid, who was re- 
leased from jail to run and who can 
stay out of jail by winning the seat. 

Given the stakes for his future. Mr- 
Mavrodi is pulling out all the stops in 
this suburban electoral district just 
north of Moscow: making big prom- 
ises that remind everyone of his MMM 
advertisements, buying lots of air time 
and newspaper space, sponsoring con- 
certs, posting placards and distribut- 
ing leaflets. 

But Mr. Mavrodi has not set foot in 
the district, said the deputy chairman 
of the local election committee, Vya- 
cheslav M. Zhigulin. Mr. Mavrodi's 
spokesman, Sergei Taranov. said Tues- 


day night that personal appearances 
were “ineffective." that Mr. Mavrodi 
was visible on television, and that he 
did not want to "push it" with the 
courts by leaving Moscow. 

Avoiding prison, "of course, is one 
key aim," Mr. Taranov said. "But the 
main aim is to use the immunity to 
protect the interests of MMM share- 
holders through politics." 

Mr. Zhigulin said he thought Mr. 
Mavrodi had a good chance. “After 
all,” he said, “36,000 MMM share- 
holders live in My Tishchi alone.” The 
same number live in nearby Khimki 
another of the five towns in a district 
of some 2.5 million people and 500.000 
voters. 

“The shareholders are probably 
enough to win." Mr. Zhigulin said 
Some shareholders are angry with the 
MMM collapse, which took most of 
their investments. But the fund itself 
never really died, and many believed 
Mr. Mavrodi. who portrayed the col- 
lapse as the act of a willful government 


that feared his power and wanted to 
cut him down. 

MM M’s advertisements became 
famous, featuring a shambling Rus- 
sian ne’er-do-well who rinds all the 
choice sweets of tife — tropical vaca- 
tions, an apartment in Paris —through 
his investments in MMM. 

“Mavrodi’s campaign is exactly the 
same,” said Anna Sikder, a 23-year-old 
shopping is the local supermarket. 
“Mavrodi promises to turn My Tishchi 
into a little Switzerland" 

He has some way to go. Only 56 
percent of the families in the district 
have telephones. In Khimki cuts in 
military spending have crippled three 
big factories that once employed near- 
ly 50,000 people and controlled 70 
percent of the town's housing stock. 

Mr. Mavrodi not only promises vot- 
ers that he will spend $10 million on 
improving the district, but that every 
household mil get a telephone. Mr. 
Borovoi promises that his “business 


contacts” will bring $1 5 million to the Bosnian Serbs Fire On UN Tanks 


Alexander Shelepin, 
Ex-KGB Chief, Dies 


The Associated Press 

MOSCOW — Alexander N. 
Shelepin, 76, the head of the 
KGB during Nikita S. Khru- 
shchev’s rule who was once con- 
sidered a contender for the 
leadership of the Soviet Union, 
died Monday. 

The Itar-Tass press agency 
repotted his death but did not 
give the cause or say where be 
had died. 


All but One Freed 
In Hijacking in 
Southern Russia 

Reuters 

MAKHACHKALA, Russia 
— Two crew members were 
freed from a hijacked plane in 
southern Russia late Wednes- 
day. leaving only the captain 
agd the hijacker on board, said 
the commercial radio station 
Ekbo Moskvy. 

“The terrorist is demanding 
another 52 million,'* Ekbo 
Moskvy said. The hijacker, be- 
lieved to be acting alone, has 
already received $23 million 
ransom in exchange for releas- 
ing 23 hostages since dawn. 

Prisoners released earlier said 
the huaefcer was carrying only a 
pared, which he said contained 
explosives, and was behaving 
without undue aggression. In- 
terfax news agency said. 

Commandos have surround- 
ed the plane and emergency ser- 
vices took up positions nearby. 
The plane has been refueled, 
but its possible destination was 
not dear. Russia has asked Iran 
to let it land there. 

The hijacking started late 
Tuesday when a passenger or- 
dered the plane bound for the 
southern dty of Rostov to re- 
turn to Makhachkala. 


Mr. Shelepin followed a clas- 
sic career path for Soviet lead- 
ers, joining the Co mm unist Par- 
ty in 1940 after graduating from 
the Moscow Institute of Histo- 
ry, Philosophy and Literature. 

He became a propagandist 
for the Komsomol, (he Soviet 
youth organization, and headed 
it from 1952 to 1958. Mr. Shele- 
pin was KGB chief from 1958 
to 1961 and, in 1964. was ap- 
pointed to the Communist Par- 
ty Presidium and was widely 
viewed as a potential Soviet 
leader. 

But, as Itar-Tass reported, 
Leonid I. Brezhnev, a senior of- 
ficial under Mr. Khrushchev 
and his successor as Soviet lead- 
er, "saw Shdepin as a serious 
rival, and removed him from 
the political scene." 

Myron S. Malkin, Physicist 
Who Graded Space Shuttle 

WASHINGTON (NYT) — 
Myron S. Malkin, 70, a physi- 
cist who was the first director of 
the space shuttle program and a 
former Defense Department of- 
ficial, died Monday of heart 
failure at a hospital in Bethes- 
da, Maryland. 

From 1973 to 1980, Mr. Mal- 
kin led the effort to bring to- 
gether aB the components that 
became the space shuttle, which 
remains the principal U.S. 
space launching vehicle. 
Robert Lansing, 66 , TV Star 
Of Series ‘12 O’Oock High’ 

NEW YORK (NYT)— Rob- 
ert Lansing. 66, an actor whose 
nigged good looks and deep 
voice served him well on stage, 
as well as in films and televi- 
sion, died Sunday of cancer at 
Calgary Hospice here. 

Mr. Lansing starred in the 
television series “12 O’Qock 
High" and in Broadway plays 
including “The Great God 
Brown,” “Suddenly Last Sum- 
mer” and “The Utile Foxes." 



Yegor V. Babichev, a physician, law- 
yer and deputy mayor of Khimki does 
not try to hide his disgust Khimki is 
one of the few towns where the entire 
leadership changed after the failed 
coup of August 1991, and the adminis- 
tration, at least is rife with libera] 
democrats. 

“But there is a counterreformatioa 
going on now,” he said. “There's al- 
ways the personalization of politics 
here." 

As for real local issues. like the three 
big factories in trouble, Mr. Babichev 
said, “I'm not even sure the candidates 
are aware of them.” 

“All our elections are a little strange 
these days," he said. “Mavrodi is al- 
ready at the stage where be has to enter 
the political establishment. It’s also 
some protection for him, it's true. I 
hope Mavrodi and his type won't come 
to power. But they're getting closer, 
maybe." 


EU Leader 
Puts Off 


PAPERS, PLEASE — Alerted that rival gangs planned a “duel,” Moscow police 
stepped in. A detective checked the drivers’ license of an armed suspect at a restaurant 

Germans Cite Fewer Neo-Nazi Attacks in 1994 


The A Bonn ted Press 

BONN — Neo-Nazis have tried to kill six 
people in separate attacks in the First eight 
months of this year, the parliamentary press 
office said Wednesday. 

No fatalities have been reported this year. At 
least 30 people were reported killed in the first 
three years of neo-Nazi violence. 

Law authorities have been battling rightist 
extremists for four years, and attacks — mostly 


ist foreigners — have fallen from a peak of 
t seven a day in 1992 to about four a day this 


That is apparently because Germany’s legal 
system, sometimes accused of being too lenient 
with the far right, has started getting tough. 
Courts have begun giving longer sentences. 

Most of the victims have been foreigners, but 
elderly and handicapped people have also been 
targeted. 


Leaving 


PARIS — The president of 
the European Commission, Jac- 
ques Delors, said Wednesday 
he would remain in his post in 
Brussels at least until Jan. 25 
because of a delay in approving 
a new commission. 

Mr. Ddors, widely expected 
to be the Socialist candidate in 
the French presidential elec- 
tions in the spring, was sup- 
posed to vacate his position on 
Jan. 6 but agreed to stay on 
until Jan. 25. He said the length 
of his stay beyond Jan. 2S 
would depend on when the Eu- 
ropean Parliament endorsed 
the new commission. 

Mr. Delors has said he will 
not announce whether he is a 
candidate for the French presi- 
dency until he ends his Brussels 
term. 

Political analysts said the de- 
lay would strengthen Mr. De- 
lors’s position, since it would 
enable him to remain above the 
fray while the rival contenders 
for the conservative nomination 
go at one another. 

The 12-nation European 
Union has chosen Prime Minis- 
ter Jacques Santer of Luxem- 
bourg to replace Mr. Delors, 
but Parliament wants to defer 
approving his full team of com- 
missioners until after four new 
member slates join the EU and 
can vote. The four, Austria, 
Finland, Sweden and Norway, 
are scheduled to join in Janu- 
ary. 

Opinion polls show Mr. Dep- 
lore has almost drawn even with 
Prime Minister Edouard Baha- 
dur and has overtaken the 
Gauilist pany leader, Jacques 
Chirac, the two leading conser- 
vative contenders, by keeping 
out of politics. 


SARAJEVO, Bosnia-Hcrzegovma (Reuters) — UN «Mta c™ 
under fire from Bosnian Serb forces on Wednesday, but the. 
United Nations decided against ordering an air strike m responsw ■ 
a UN spokesman said , „ 

The Danish Leopard tanks returned Tire from a Bosman hero 
tank and recoilless gun near the northern town of Gradacac Derore 
withdrawing, A UN military spokesman, Colonel Tun bpicm; 
said: “We believe one Leopard was hit but there are no reports 
casualties." J . 

The United Nations set in motion the procedure for a na ro 
air strike before deciding such a response was not wangled- _n 
explaining why an air strike was not ordered. Colonel Spicer sam 
that “in fact the best tank-killing weapon is another tank, in tnc 
end air was not needed." J 

Migration Accord at Risk, Cuba Says j 

HAVANA (AFP) —The decision of a U.S. judge to temporary 
fly halt the repatriation of Cuban refugees from Guantanamo 
threatens the implementation of a migration accord between the 
United States and Cuba, the National Assembly president, Ricar- 
do Alarc6n, said. _ . 1 

“This is a serious and negative development," said Mr. Alarcon* 
who is representing Cuba in talks with the U.S. government on 
carrying out a ScpL 9 agreement that ended an exodus of Cuban 
boat people to the United States. > 

U.S. District Court Judge Clyde Atkins issued a temporary 
rest raining order Tuesday in Miami, one minute before a LLS: 
military plane with 23 Cubans on board was to take off lor 
Havana from the U.S. naval base at Guantanamo Bay, on Cuba’s 
southeast tip. About 32.000 Cuban refugees who were refused^’ 
entry to the United States after being picked up at sea are bem^ ■ 
held at Guantanamo and in Panama. 

Russian Team Flies to Site of Oil Spill: 

MOSCOW (Reuters) — Russian officials flew to the northern 
region of Komi on Wednesday to investigate an oil spill that U.S; 
officials say could have a disastrous impact on the fragile Arctic . 
environment. 

But local officials tried to play down the significance of the 
spill, the result of pipeline leaks and the breakage of a dam 
containing the leaked oil “There are all these fairy stories about a 
leak of 200,000 tons of oil," said Nikolai Batin, head of the 
regional environment committee. “It is stupid. The most plausible 


it was estimated to be more than 2 million barrels by U.S. experts 
at the site. 

FortheRecord 

Three blacks were Jailed for 18 years each on Wednesday by a 
South African judge for the murder of Amy Biehi, an American 
exchange student. "Taking all mitigating and aggravating circum- 
stances into account, the court comes to the finding that the death 
sentence is not the only appropriate sentence," said Judge Gerald 
Friedman. Mzflcbona Nofemela, Vusumzi Niamo and Mongezi 
Manqina had pleaded not guilty. (Reuters) 

TRAVEL UPDATE 


Chunnel Train’s Debut Facing Strike 

PARIS (Reuters) — Eurostar, the high-speed train designed for, ' , 
the Channel Tunned, faced a new challenge Wednesday when ir v 
French union threatened to strike on Nov. 14. the scheduled 
commercial launching date of the high-technology rail link. . 

A union statement said the management of the French rail 
operator SNCF had ignored its claims about the safely of Euros- 
tar engineps and trains and the pay for staff specifically working 
on the train. 

The Association of European Airlines said its members will 
likely report their biggest increase in traffic in 15 years in 1994. 


traffic should rise by about 13 percent. (Knight-Ridder) 

A fire destroyed the steel-and-copper cupola of the German 
Church in central Berlin. The church, in the city's historic district 
in former East Berlin, was undergoing renovation. (AP) 

ltafian pilots have agreed to call off a series of strikes over the 
next month. Pilots for the state-run carrier Alitalia and the 
commuter subsidiary ATI made the announcement following a 
meeting with Transportation Minister Ptiblio Fieri (AP) 

Cathay Pacific Airways wfll introduce two additional flights 
between Hong Kong and Hanoi and one between Hong Kong and 
Ho Chi Mirth City, with Vietnam Airlines, starting Sunday. (AFP) 


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Kohl, With Tiny Majority , Is in for Tough Bargaining 



By Rick Atkinson 

Washington Past Service 

BERLIN — German politics, for 12 years a 
predictable and orderly affair, suddenly got very 
messy this week. 

Bickering within the ruling coalition, elbowing 
for government posts and a constitutional chal- 
lenge have underscored the fragility of Chancel- 
lor Helmut Kohl’s 10-vote majority in the 672- 
seat Parliament which is set to convene next 
month. 

The victory of Mr. Kohl and his Christian 
Democratic party in the Oct. 16 elections has 
been quickly overshadowed by the obstacles 
looming before bis badly weakened coalition, 
that was whittled down from a 134-seat majority. 

As coalition leaders began meeting Monday 
night for three weeks of hard bargaining over the 
new government’s goals and cabinet appoint- 
ments, it became apparent that even Mr. Kohl — 
a three-term chancellor with a reputation as a 
master politician and eternal optimist — has his 
work cut out if his tenure is not to end in a lame- 
duck whimper. 

Although often arcane and parochial. German 
parliamentary politics will not only determine 
Mr. Kohl's success in pressing his foreign agenda 
for tighter European unity and a broader Ger- 
man role in international affairs, but it will also 
be critical in such urgent domestic issues as 
economic competitiveness and immigration 
policy. 

Foremost among coalition woes is the sad 
shape of Mr. Kohl's junior partner, the liberal 
Free Democrats. 


Having survived a near-death experience — 
the Free Democrats were humiliated in nine 
consecutive state elections before surpassing the 
5 percent minimum needed to remain in the 
federal assembly by less than 2 percentage points 
— party faithful promptly fell to squabbling 
among themselves. 

The party leader, Klaus Kinkel, who also is 
foreign minister, this week repelled a challenge 
from former economics minister Jurgen MdUe- 

The chancellor’s objective: 

Not to end his tenure in a lame- 
dock whimper. 

raann. his political rival, who accused Mr. Kinkel 
of leading the Free Democrats “into the abyss." 

Mr. Mollemann resigned his party post Mon- 
day, leaving the field to Mr. Kinkel. 

But discontent bubbles just beneath the sur- 
face. The Free Democrats arc at odds over how 
best to bait the free fall in their popularity among 
the German electorate. 

The party is short on glamour and its tradi- 
tional core agenda — Tree-market economics, 
government deregulation and a commitment to 
civil rights — has largely been co-opted by the 
major parties. 

Some liberal leaders insist that in negotiating 
with Mr. Kohl, who needs the Free Democrats’ 
47 votes to maintain the status quo in Bonn, the 
party should play hardball in an effort to sharp- 
en its identity. 


Among ideas bandied about: cutting corpo- 
rate taxes, insisting on the right to dual citizen- 
ship for foreign residents, slashing red tape, and 
— in an effort to resuscitate Free Democratic 
strength in Eastern Germany — declaring the 
East to be a “low-tax zone." 

“We are a dinosaurs' club," a liberal from the 
East lamented during the campaign. "We're dy- 
ing OUL” 

But the Free Democrats hardly resemble a 
hardball team. 

The party's boss in the state of Rhineland- 
Palatinate said publicly that the party is so weak 
it must show “restraint” 

As to suggestions that some liberal malcon- 
tents might rebel against Mr. Kohl when the 
Bundestag, the lower house of parliament votes 
for chancellor in mid-November, the pany stal- 
wart Otto Lambsdorff, a former economics min- 
ister. warned, “Whoever does that knows per- 
fectly well that he will have given the party a 
death blow." 

Poised to profit from Free Democratic weak- 
ness are the Christian Social Union, the Bavarian 
sister party of Mr. Kohl's Christian Democrats. 

After grabbing more votes than tbe liberals in 
elections, the conservative party is feeling its 
oats. 

Erwin Huber, the party’s general secretary, 
warned the Free Democrats this week not to 

S ress for foreigners’ rights, while asserting that 
is party “will be pushing harder for effective 
crime-prevention laws with no messing around." 

Difficulties will likely develop when it comes 
to handing out cabinet ministries. The Free 


Democrats now hold five of 29 posts; having 
advocated a smaller cabinet, they may find them- 
selves victim of tbeir own policy suggestion. 

Discontent has also roiled the normally placid 
Christian Democrats. A Kohl plan to save nearly^ 
S3 billion a year by curbing unemployment bene- 
fits was challenged last week by the pro-labor 
wing of his party, which called for tax breaks for 
the poor. 

At the same time the chancellor is under pres- 
sure from the Bundesbank, or central bank, to 
cut the burgeoning federal deficit and from Ger- 
many’s employers’ federation to cut expensive 
social welfare benefits. 

Such countervailing pressures are symptomat- 
ic of the delicacy with which Mr. Kohl wfl] have 
to navigate on many issues. 

Further complicating the post-election ma- 
neuvering is a legal challenge by the constitution- 
al expert Hans Meyer, who contends that a quirk 
in German election law illegally boosted Mr. 
Kohl's majority from 2 to 10. 

The chancellor got tbe extra cushion through 
an electoral wrinkle that permits creation of 
additional seats under certain conditions; the 
issue may be headed to the country’s constitu- 
tional court. 

All of which brings good cheer to the opposi- 
tion Social Democrats and their leader, Rudolf 
Sc harping. 

Mr. Kohl "will have to fight incessantly for a 
majority in the Bundestag," predicted Rudolf 
Dressier, the Social Democrats* deputy parlia- 
mentary leader. 

“1 cannot see this coalition doing that, and 
therefore I don’t think it will last 12 months" 



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CONTROL 


APOLITICAL IS Of ESA 


Campaign ‘Reformers’ Merit Detention 


':k'{ 




WASHINGTON — And now a word about all those 
members of the Class of 1992 who arrived on Capitol HH1 
annd promises of campaign reform. The word from Public 
Citizen, the Ralph Nader interest group, is sham. 

By Public Citizen’s count 37 percent of the freshman class 
— 45 of the 123 new senators and representatives — “consis- 
tently opposed f-irs»T|jr) p up campaign finan cing and making 
lobbyists accountable. Only 47 new members consistently 
Supported such measures. 

^hc hypocrisy of so many so-called ‘freshman reformers’ 
is particularly stunning,'* said Bob Schiff, a Public Citizen 
attorney. “If Congress were a school, the detention hall would 
be overflowing.” 

The group also said it counted 186 senators and representa- 
tives who voted against changes in campaign finance and 
lobbying, compared with 178 lawmakers — 21 senators and 
157 representatives — who consistently supported such mea- 
sures. (WP) 

Current Mystery; Who Leaked the Memo? 

WASHINGTON — It’s the question all of political Wash- 
ington has been asking this week: Who leaked Alice M. 
Rivlin’s top-secret memo to the Republicans? 

The niystery has not been solved, but some clues are now 
surfacing and they have left red faces at the Treasury Depart- 
ment. 

The draft of the memo by Mrs. Rivlin, director of the White 
House Office of Management and Budget, was leaked to 
William KristoL a Republican operative, who in turn leaked it 
to The Washington Post The leaked copy had been sent to 
Treasury Secretary Lloyd Bentsen. 

In the memo, Mrs. Rivlin summarized a wide range of 
potential budget options, including broad-based tax increases 
and politically unpopular cuts in Soda! Security and Medi- 
care. President Bin Clinton quickly disavowed any consider- 
ation of such politically dangerous steps by the administra- 
tion. 

The copy of the 1 1-page memo leaked to Mr. Kristol bears 
the handwritten initials. “ESK.” Edward S. Knight is general 
counsel of die Treasury Department and presumably a man 
smart enough not to leak a memo bearing his initials. 

Treasury officials confirmed that Mr. Knight's initials were 
on that copy because it had been sent to Mr. Bentsen. Mr. 
Kni gh t denied in an interview that he had leaked the docu- 
ment, and other Treasury officials supported him. (LAT) 



JettB Moncm/Agmt Fmwfte«c 

Senator Edward M. Kennedy greeting his Republican 
ch&Oenger, Mitt Romney, before a televised debate. 


Quote / Unquote 

Senator Edward M. Kennedy, Democrat of Massachusetts, 
responding during a debate to accusations by his Republican 
, challenger, Mitt Romney, about his personal finances: “Mr. 
Romney, the Kennedys are not in public service to make 
money. We have suffered too much for that/’ (NYT) 


Switch in Congress Might Not Change Much 


By Adam Gymer 

Nett York Tima Service 

WASHINGTON — Suppose the Re- 
publicans took over Congress. What dif- 
ference would it make? 

To bear Democrats anxious to get their 
core voters out, it would mean the end of 
civilization as we know it, with Medicare 
dollars going to pay for arms spending, a 
leering Bob Packwood in charge of the 
Senate Finance Committee and the new 
speaker of the House, Newt Gingrich, 
third in line for the presidency. 

To hear Republicans tell it, putting them 
in control would let them cut the power of 
the government by undoing the excesses of 
years of Democratic rule. At the very least, 
they say , they could prevent new excesses 
and establish themselves as the party that 
stood with the American people when 
Democrats and President Bill Clinton were 
forcing gridlock on them and protecting 
the bad old days. 

Then there are some scholars who think 
that whatever it did for the country. Re- 
publican control would be good for Con- 
gress and especially the House, forcing 
both parties to treat each other with great- 
er respect and showing Republicans that 
power imposes responsibilities and can be 
much less fun than booing from the 
bleachers. 

Of course, there is formal control and 
real control. 


Thanks to the filibuster rule, which lets 
senators stall action unless 60 of them vote 
to end debate, nobody is really in control 
of the Senate unless they have 60 votes, 
and neither party will get that But the 
majority party sets the agenda, which the 

It is not likely that much 
in the way of Republican 
initiative would become 
law. 

minority tries to thwart, and picks the 
committee chairmen, who can quash al- 
most any measure they dislike. 

More Republicans on Capitol Hill, espe- 
cially considering the conservative cast of 
likely newcomers, would make it consider- 
ably harder for the president and the Dem- 
ocrats to pass almost anything. There are 
not likely to be many more John C. Dan- 
forths or John H. Chafees, Republican 
senators prepared to make deals with 
Democrats and vote with them, too. 

In the House, there are hardly any Re- 
publicans of that kind. As it is, the Demo- 
cratic leadership must get the support of 83 
percent of the party’s members to secure 
the 218 votes needed to pass anything. If 
the Republicans gained only 20 House 
seats, the low end of most forecasts, the 
Democrats would need 92 percent 


If the Republicans gained 40 
would have an outright maj I 
could schedule votes on bills, change toe 
rules and choose committee chairmen. 
And they could try to show that they 
would not bully the minority the waythey 
say the Democrats have picked on than. 

But with a few striking exceptions, it is 
not likely that much in the way of Rjpuw- 
cep initiative would become law.. The ex- 
ceptions include a constitutional amend- 
ment to require a balanced federal budget, 
which Democratic leaders have tried to 
bury; a bill Hunting manufacturers ha ba- 
ity for defective products, the only bill mat 
died as a result of a Democratic, not . Re- 
publican, filibuster, and possibly a Une- 
fiem veto measure. 

As a Republican strategist, Wiliam 
Kristol, cautioned in a recent memoran- 
dum, any majorities that Republicans 
manage to secure will be "slim enough, m 
fact, that it’s hard to see how much of the 
real Republican, agenda could actually be 
enacted — in principled form — dyer 
Democratic filibusters or a presidential 

^Indeed, Mr. Kristol worried that Repub- 
licans might be tempted to cooperate too 

m»r_h with “a liberal Democratic presi- 
dent,” and thereby weaken the. patty s 
of winning the presidency in 1 996. 

Some of that will depend on Mr. Clinton 
pm! whether he tries to work with Republi- 
cans or gives it up as hopeless. 


Inventory Chaos Uncovered at Pentagon 


Away From Politics 


i 

L 


h 


• OJ. Simpson’s lawyers have asked that tekrri- 
'skm cameras be excluded from a hearing on the 
‘admissibility of DNA evidence so that jurors in 
his double-murder trial will not be exposed to 
potentially prejudicial information. DNA evi- 
dence is exported to be presented in the prosecu- 
-tion’s case against Mr. Simpson, the former foot- 
ball hero who has pleaded not guilty to the June 
12 killings of his forma wife, Nicole Brown 
. .Simpson, and ha friend Ronald L. Goldman. 

*• Rioting Hades in Lexington, Kentucky, over- 
turned police cars and hurled rocks at white 
people after police shot and killed a black man 
while trying to arrest him. Several people, includ- 
ing a police officer, were injured. 

Contaminated hydraulic rodder fluid may have 
contributed to the fatal crash of a US Air Boeing 
737 near Pittsburgh last month, according to 


federal air safety officials, who said they were 
looking into the possibility. 

• Hie Association of Retail Travel Agents, in a 
settlement with the Justice Department’s Anti- 
trust Division, is dropping its boycott of airlines, 
car rental and other travel companies that would 
not pay commissions the agents demanded. 

• Two Haitians living in Fort Lauderdale, Florida, 
have admitted to stuffing semiautomatic pistols 
into turkeys and smuggling them into Haiti. 

• Some hospitals still refuse to treat emergency 
patients unable to pay for medical care despite a 
federal Jaw that forbids the practice. A consumer 
group reported that 86 hospitals in 22 states were 
cited by the federal government for refusing to 
treat emergency patients for nonmedical reasons 
during 1993 and the first quarter of 1994. 

.LAT, AFP. Remo*. AP 


Birthrate Drops 
Among Teenagers 

Washington Post Service 

WASHINGTON — Birth- 
rates among 15- to 17-year-old 
girls have declined for the first 
time since 1986. reversing a rap- 
id increase in the late 1980s, 
federal health officials said. 

The National Center for 
Health Statistics said the rates 
fell by a little ova 2 percent in 
1992 after a 25 percent rise 
from 1986 to 1 991. It attributed 
the decline to better contracep- 
tive use and a leveling off of 
sexual activity. The rate was 
37.8 pa 1,000 girls in the age 
group, down from 38.7 in 1991. 


By Stephen Barr 

Washington Pan Senice 

WASHINGTON — Defense 
Department inventory records 
are in such poor shape that 
when auditors tried to count 
hand-held missiles, their tally 
differed from the military’s by 
thousands, the General Ac- 
counting Office said. 

The office, the monitoring 
arm of Congress, visited all 78 
land-based storage sites for the 
Stinga, Redeye and Dragon 
missiles, and found that 40 per- 
cent of the sites did not have 
accurate inventory records. One 
depot showed 7,370 missiles on 
hand, but the GAO counted 
12,426. 

Overall, the accounting office 
found 7,732 more Stinga mis- 
siles in stockpiles than listed in' 
military records, 5,230 more 
Redeye missiles, and 9,744 few- 
er Dragons, The figures were in 
a report released Tuesday. 

The “many serious discrep- 
ancies” in the numbers led the 
agency to warn that “these mis- 
siles have been and remain vul- 


nerable to theft or other unde- 
tected losses.” 

The chairman of the Senate 
Governmental Affairs Commit- 
tee, John Glenn, Democrat of 
Ohio, who requested the audit, 
noted that the report also de- 
scribed instances of lax security, 
at U.S. bases and said it would 
be “disastrous” if terrorists 
hold of the missiles. Ova 
last decade, the Stinga has be- 
come one of the top weapons 
sought by terrorists, guerrillas 
and Third World armies be- 
cause it is accurate, small — 
about 35 pounds (15 kilograms) 
— and easily transported. 

The Genoa! Accounting Of- 
fice, in one of its examples, said 
40 Stinga missiles sent to the 
Gulf for the 1991 war had not 
been returned to army depots 
or other locations, based on a 
review of serial numbers. “The 
army does not know where 
these missiles are,” the agency 
said. 

The army, however, said no 
Stingers had been lost or stolen 
during the Gulf War. “What 
went ova came back,” said 


Colonel Scott Huh, chief of the 
army’s munitions division. 
WMle the army faced some pa- 
perwork problems in matching 
serial numbers, a review of 
property books in the field 
found “no reports of any mis- 
siles being lost, stolen or mis- 
placed,” Colonel Huh said. 

At some of the sites visited, 
the auditors found missile 
stockpiles without security 
fences, with alarm systems that 
did not work, and with doors 
that could be opened by one 
key. although two keys con- 
trolled tty separate individuals 
are required for such areas. 

The General Accounting Of- 
fice said that security guards at 
the sites “do not routinely in- 
spect all vehicles entering or 
leaving ammunition storage ar- 
eas. Guards are only required to 
conduct spot checks based on 
guidance provided by the local 
commander.” 

Colonel Hull said he could 
not address specific security is- 
sues cited by the auditors but 
that the army was “sure that 


instances of lax security had 
beat corrected.” 

The General Accounting Of- 
fice traced some of the inven- 
tory problems back to the Gulf 
War. In keeping with a wartime 
footing, paperwork require- 
ments were relaxed to help 
speed weapons to combat units. 

Army combat units “tot* 
what they wanted” at Gulf en- 
try ports, the report said. “Some 
missiles were transported un- 
guarded on trucks driven by 
third-country nationals, ana 
some ammuni tion sites were 
wide open. According to one 
army official, because of the 
lade of accountability, it would 
be ‘pure luck’ if no missiles were 
lost" 

25 Killed in India Train Rre 

A genet Franex-Presse 

NEW DELHI — At least 25 
people were killed and more 
than 60 injured when fire raced 
through a crowded car of an 
express train in the east Indian 
state of Bihar on Wednesday, 
the. Press Trust of India saj4.i 


m rt TWSTffimra ranuig. 




i \ 


, ‘111 


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Published by the international 
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recent developments, sales breakdown, 
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Page 4 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 27, 1994. 






In Middle of Desert, 
Harmony and Hope 


Compiled ty Our Suff From Dispmdia 

WaDI ARABA, Israel- Jor- 
dan Border — Israelis and Jor- 
danians swapped baseball caps 
and war stories Wednesday as 
their leaders sealed a peace 
treaty in this desen frontier re- 
gion. 

The one-hour ceremony on 
an asphalted former minefield 
drew together 5,000 former ene- 
mies — army veterans in wheel- 
chairs, parents of terror victims, 
sheikhs in long white robes and 
Jewish clergy in black coats. 

“Hey, where did you fight?” 
one Israeli veteran yelled to 
Lieutenant General Mahmo ud 
Salem, head of the Jordanian 
land forces. General Salem said 
he did battle in the 1967 and 
1973 Middle East wars. 

“Look where all the fighting 
has gotten us,” the Israeli said. 
The two men smiled and shook 
hands. 

Israeli female soldiers dis- 
pensed water from coolers and 
young Jordanian waiters traded 
baseball caps. The Israelis of- 
fered hats with the slogan 
“Blessed are the peacemakers” 
for caps imprinted with a crown 
and the logo of Alia The Royal 
Jordanian Airline. 

Still, the first words did not 
always come easily. 

“We tried to talk to the Israe- 
li girls, but they don't speak 
Arabic.” said Rami A wad, 18, a 
Jordanian waiter of Palestinian 
origin. “I’d like to invite them 
home to welcome them and 
make them tea.” 

Israeli and Jordanian soldiers 
took turns firing the 21 -gun sa- 
lute that opened the ceremony. 

“Shooting away from each 
other for the first time in years,” 
said Uri Dromi, chief of Israel's 
Government Press Office. 

Despite the harmony, securi- 
ty was tight because of threats 
from M uslim extremists to dis- 
rupt the ceremony. 

The asphalt patch was sealed 
off by barbed wire, and U.S. 
Secret Service agents atop 
watch towers scanned the sur- 
rounding desen with binocu- 
lars. Before the festivities, the 
agents patrolled with bomb- 
sniffing dogs. 

A Secret Service agent or- 
dered reporters away from one 
side of the bleachers because 
the dogs got agitated around a 
bank of soft drink coolers. The 
sound of a popping balloon 
made security forces Jump. 


Just before the start of the 
ceremony, Israel’s deputy chief 
of Staff, General Am non Sha- 
hak, received word over his mo- 
bile phone that northern Israel 
had beat shelled by Arab guer- 
rillas based in Lebanon. There 
were no injuries or damage. 

Among the guests was Ye- 
huda Waxman, the father of 
Sergeant Naehshon Waxman, 
the Israeli soldier who was kid- 
napped by Muslim militants 
and killed by his captors OcL 
14. 

The elder Waxman said it 
was time to look forward. 

“It’s a day of celebration for 
all of us,” he said, adding, “In 
the long run, we must reach 
lasting peace and prosperity in 
the entire region.” 

In a moment of silence, the 
crowd stood and remembered 
those killed in Arab-Israeli vio- 
lence. President Bill Clinton, 
King Hussein of Jordan and 
Prime Minister Yitzhak Rabin 
of Israel joined in, their heads 
bowed. 

In their speeches, the three 
leaders all used the barren de- 
sert and minefields around 
them as a metaphor for the hos- 
tile past and concluded with 
hopes for a greener future. 

“The peace that was bom to- 
day.” Mr. Rabin said, “gives us 
all hope that the children bom 
today will never know war be- 
tween us — and their mothers 
will know no sorrow.’’ 

In a finishing flourish, about 
10,000 balloons in the colors of 
the three nations’ flags — red, 
white and blue, blue and white, 
and red, black, white and green 
— were released into the sky. 

Dov Selinger, a tuba player in 
the Israeli armed forces band 
for nearly 20 years, shared the 
optimism and said playing for 
the three leaders was his best 
gig ever. 

“This is the greatest,” he said. 
“We never participated in any 
other peace signing because the 
ceremony with Egypt was held 
in Washington.” 

Menachem Muskal and nine 
other Israelis had spent five 
hours blowing up the balloons. 
Mr. Muskal sat eating sunflow- 
er seeds as the balloons bil- 
lowed away in seconds. 

“It was worth it,” he said. “I 
have grandchildren. I'll go and 
tell them how beautiful it was 
and about the meaning of 
peace.” (AP, Reuters ) 


CHINA: Difficult Strategic Choices 


Continued from Page 1 • 
estimates. China has a “triad” 
of strategic nuclear forces: 
bombs that can be delivered by 
aircraft, warheads on ballistic 
missiles and other nuclear- 
tipped missiles that can be fired 
from China’s single strategic 
submarine. 

Still, the gap between China 
and the superpower arsenals of 
Russia and the United States is 
huge. China’s military leaders 
worry that their small missile 
force could be rendered impo- 
tent by a proposed anti-missile 
system under study by the Clin- 
ton administration. 

Western arms control experts 
and Chinese scientists warn 
that a decision by Washington 
to deploy anti-missile systems 
that could defeat China's retal- 
iatory ability could lead to a 
new nuclear arms race. 

China might seek more war- 
heads, and multiple-warhead 
delivery systems with decoys 
and other “penetration aids" 
designed to fool a U.S. defense 
system. 

Hua Di, a Chinese missile sci- 
entist who spent 20 years inside 
China's strategic programs and 
now lives in California, said in a 
recent interview that to prevent 
new enmities from arising, the 
United States, Russia and Ja- 
pan should tolerate China's 
completion of its nuclear mod- 
ernization program and then 
proceed with new arms control 
measures. 

“The worst case would be if 
China became hostile to the 
Jnited States," he said. 
Though its economy is ex- 
iding at a rate of more than 
■jercent a year, China will 
re vast amounts of capital 
celop further and to over- 
ra/Jaunting problems of 
hpulation growth, 
bill,' a large development 
whale's leaders are asking 
maintff forces they should 
In strd at what cost, 
still bud? forces, “They are 
does not for a world that 
US. analys" said a senior 
China. “TH<> specializes in 
grains are ni^ 1 ^ 0 P ro_ 
own momentum under their 
ly haven’t gone 04 * real - 
sessmenL" "'ugh a reas- 


In China, this reassessment is 
falling upon a leadership in 
transition from the era of Deng 
Xiaoping to the generation now 
led by Jiang Zemin, 68. 

Whereas Mr. Deng as a 
young revolutionary command- 
ed an army in the field and 
helped to nurture China's mili- 
taiy strength over three de- 
cades, today’s leaders, includ- 
ing Mr. Jiang, Prime Minister 
Li Peng and senior Deputy 
Prime Minister Zhu Rongji, 
have never served in or com- 
manded military forces. 

Western officials are begin- 
ning to question who will chart 
China's military strategy in the 
next century. Will it be these 
new civilian leaders? Or will the 
military leaders, whose power 
and influence has grown since 
their forces crushed the Tianan-, 
men Square demonstration in 
1989, decide how China’s re- 
sources will be spent? 

“Jiang Zemin is working 
overtime to get the military on 
his side," said a former U.S. 
ambassador to China, James 
Lilley, “but Jiang is a transi- 
tional figure.” 

A White House official in 
Washington said: “After Tian- 
anmen, no politician in China is 
going to move very far away 
from what the military wants. If 
it were not for them, the politi- 
cians would not be there." 

Though the world's other nu- 
clear powers stopped testing in 
1992, one Chinese expert esti- 
mated that there would be as 
many as four more tests of Chi- 
na's new warhead designs. 

Despite continuing under- 
ground tests. Communist Party 
leaders have all but committed 
themselves to signing, a test ban 
treaty by 1996. 

In Washington this month. 
China also made a commitment 
“to promote the earliest possi- 
ble achievement” of a conven- 
tion “banning the production of 
fissile material for nuclear 
weapons or other nuclear explo- 
sive devices." said a statement 
signed by Foreign Minister 
Qian Qichen and Secretary of 
Stale Warren M. Christopher. 

But even with this, it would 
leave a sizable Chinese nuclear 
arsenal intact 



PauiLlt RiE'A^flwFfaBM^Pn** 

President Clinton wiping sand from his eyes during the signing ceremony Wednesday at the Israeti-Jordanian desert border crossing of Wadi Araba. 

PEACE: Israel and Jordan Sign Treaty , Ending the 46- Year State of War CLINTON: 


Continued from Page 1 

age reported, and Israel returned fire with 
artillery. 

About 10,000 invited guests and jour- 
nalists turned out for the treaty signing, 
held under a blazing desert sun. To con- 
struct this new border crossing. Israel and 
Jordan cleared an extensive minefield and 
laid a road over trenches and tank traps. 
Barbed wire and old fighting positions 
remained in clear view of the dignitaries. 

For many among the witnesses, the sign- 
ing was bathed in a warm glow of high 
expectations. 

An Israeli para troop officer. Colonel 
Magflli Wahabi, who grinned through 
much of the ceremony, said he served 
along the eastern border here as an opera- 
tions officer for many years. “We have 


been waiting for this day a long time." he 
said. “It is normal life for a people to have 
peace.” 

Sheikh Nora] din Hal a by. a Druze reli- 
gious judge who attended the treaty sign- 
ing with Egypt 15 years ago. said the ac- 
cord signed Wednesday was more 
important “because it means that peace 
win come to all the Middle East.” Garbed 
in full-length black robe and a white cylin- 
drical hat known as a iajfa, the 71 -vear-old 
cleric said peace with Jordan had been 
“my dream for 50 years.” 

Nachun Bamea, a newspaper commen- 
tator. wrote that the treaty with Jordan 
represented “the first Arab attempt to en- 
ter into a partnership with the State of 
Israel.” The 1983 accord with an Israeli- 


backed and short-lived Lebanese govern- 
ment. he wrote, was a “cruel joke”; the 
Egyptian accord was costly and cool: the 
Oslo accord last year with the Palestinians 
was “born and lives on in blood.” But the 
Jordan treaty, he wrote, “was bom with a 
kiss.” 

Israel and Jordan have not met in com- 
bat since 1967. In 1970. when King Hus- 
sein fought his Black September civil war 
with the Palestine Liberation Organiza- 
tion. Israel massed troops in a show of 
support for the Hashemite monarch. 

Jordan sat out the 1973 war. when an 
Arab coalition launched a surprise attack 
on Israel, and the two nations have had 
extensive, if officially unacknowleged, 
contacts in the decades since. 


ARABS: Agreement Provides Little Solace Elsewhere in the Middle East 


Continued from Page I 

sponsibility fpr that attack, the kidnapping 
of a soldier and the machine-gun attack on 
a pedestrian — and, above alL has threat- 
ened more terrorist attacks. 

Among Palestinians, reaction bas been 
uniformly hostile to the accord, which pro- 
voked a general strike in Gaza and the 
West Bank that was widely observed. 

Frustrated by the virtual freezing of 
talks with Israel and the Israeli closure of 
the West Bank and Gaza Strip, a vast 
segment of Palestinians feels the peace 
process is being used to reach out to the 
other Arabs at Palestinians' expense. 

The feeling of being dumped by both the 
United States and Israel is growing acute 
as Palestinians watch the two countries 
court Arab governments from Morocco to 
Bahrain to Syria to join the “normalization 
process” being denied them. 

“We want to know where we fit in future 
agreements,” said Faisal Husseini, a senior 
Palestine Liberation Organization official 
in Jerusalem, echoing a feeling that was 
shared by many Palestinians interviewed 
Wednesday in the West Bank and Gaza. 

Particularly upsetting is the increasing 
flirtation between Israel and Jordan over 
the status of East Jerusalem, which many 
Palestinians see as the future capital of 
what they hope will be an independent 
Palestinian state. 


Over the past few months, there have 
been repeated assertions by Israel, reflect- 
ed in the treaty, that the Islamic religious 
sites in Jerusalem should remain under the 
jurisdiction of King Hussein. 

This has fanned the PLO's worst fears: 
namely, that Israel would rather have Jor- 
dan — and not it — take over the West 
Bank. 

In Jordan itself, it appears that the king 
is moving ahead of his people in embracing 
peace with Israel. 

With nearly half of Jordan's population 
of 4 million made up of Palestinians, there 
bas been a lackluster reception to the de- 
velopments of the last four months. 

The king remains enormously popular, 
but last week in conversations Id Amman 
many Jordanians were wondering what 
has gotten into him. Among the questions 
puzzled over was why be was lending him- 
self to a fight with the PLO over Jerusalem 
after having renounced in 1988 all claims 
to the West Bank. 

Quite a few Jordanians were surprised to 
hear the king refer, in a speech to Parlia- 
ment on Saturday, to the prophet Moham- 
med, to whom his Hashemite family traces 
its origin as the “Hashemite prophet-” 

Many Jordanians were also taken aback 
by his adamant defense of the treaty with 
Israel. At one point in the Saturday speech. 


in a poignant remark aimed at Syria, he 
said that “no one should give us lessons.’’ 

The Syrian government of President Ha- 
fez .Assad has openly castigated Jordan for 
its “rush” to sign a deal with Israel. 

Stressing . the difference between Da- 
mascus's style of driving a hard bargain 
with Israel and what the Syrian media 
described as the “fawning” over Israel by 
the Jordanian monarch. Syria allowed a 
Hamas spokesman to warn Israel on 
Wednesday against carrying out Mr. Ra- 
bin’s vow to pursue the group’s leaders. 

“If Rabin attacks Hamas we will hit 
back harder.” the Hamas spokesman said 
Such warnings can be beard from Hamas 
officials in the occupied territories. But for 
them to be aired in Damascus on the day 
of the signing of the treaty hardly seemed 
in keeping with the peace concert the Unit- 
ed Slates is trying to promote in the region 
in advance of President Bill Clinton’s 
scheduled visit to Damascus on Thursday. 

In the Gulf, there has been silence or 
demure congratulations for the treaty. 
Most Arabs there have not been on speak- 
ing terms with King Hussein since the Gulf 
War. when he sided with Iraq. Neither is 
President Hosni Mubarak of Egypt, who 
pointedly failed to show up for the signing 
ceremony. In fact, not a single Arab head 
of state attended and the PLO chairman, 
Yasser Arafat, was not not invited 


SOWETO: A New Shopping Center Signals Change SLUMP: 


Continued from Page 1 

most white businesses have 
shunned black townships. 
Whites were prohibited by 
apartheid law from owning 
township property. 

Then, after the repeal of that 
barrier in June 1991. the town- 
ships seemed too turbulent to 
be worth the risk. 

Now that the April elections 
have restored political peace, 
developers have turned to the 
townships with a more open 
mind. 

Soweto’s overdue shopping 
mall was developed with capital 
from Sanlam. which historically 
catered to white Afrikaners. 
However the mall’s success sug- 
gests that foreign investment 
could follow into the neglected 
townships. 

Sanlam Properties is South 
Africa’s largest developer of 
shopping centers. 

Mr. Swanepod said the com- 
pany would soon announce two 
other township projects, includ- 
ing a mammoth “hypermall” in 
another pan of Soweto. He said 


another half-dozen were on the 
drawing board 

The company entered 
Soweto on political tiptoes. It 
assembled a committee of 40 
local organizations to review its 
plans. It created a trust fund to 
train local entrepreneurs. 1 1 also 
plans to sell 49 percent of the 
project as shares to local inves- 
tors. 

Several of the 68 stores in the 
new mall are occupied by local- 
ly owned businesses, such as 
Sam Poane's health club. Percy 
Machaba’s cafe and Mumsy 
Kboza’s butcher shop. 

Most of the others have black 
managers and clerks. Mr. Swan- 
epod said the center has creat- 
ed 600 permanent jobs. 

Mr. Legodi of the Soweto 
Chamber of Commerce ap- 
plauded Sanlam for its diplo- 
macy, but said black businesses 
resented the fact that the Sho- 
prite supermarket chain, which 
has no connection with the 
American drain of the same 
name, had not enlisted black 
partners in the store that is the 
centerpiece of the current pro- 
ject. 


“We fed that appointing a Hungary’s Debt 

few black faces in Shoprite ° J 


doesn't give you a passport to 
come in and exploit the emerg- 
ing black market,” he declared. 

Mr. Gama pointed out that 
his Blackchain stores have re- 
mained in business, without 
laying off workers, despite po- 
litical violence that scared away 
customers and drove the com- 
pany repeatedly to the brink of 
bankruptcy. He fumed at the 
thought of white companies 
now reaping the dividends of 
the struggle. 

“White businesses know the 
devastation of apartheid won’t 
leave them any competition.” 
be said- “It is a walkover for 
them.” 

, Whether businesses should 
be required to team up with 
black capitalists when tapping 
black markets is now a topic of 
healed negotiation in business 
groups and within the govern- 
ment. 

Major business groups gener- 
ally favor such joint ventures, 
although they are opposed to 
enforcing them by law. 


Continued from Page 1 
cal analysts said, the govern- 
ment was heading for trouble. 
“In almost all countries that 
have come successfully out of a 
crisis like ours, governments 
started doing things right 
away,’’ Laszlo Bruszt said. 
“Neither in budget reform, nor 
in public service reform nor in 
privatization do i see a long- 
term strategy." 

When communism collapsed 
in Eastern Europe, foreign in- 
vestors poured the most re- 
sources into Hungary. The 
economy was more open than 
others in the region and the 
country is strategically well 
placed as a gateway to Western 
Europe. 

Hungary has the highest 
monthly average salary in East- 
ern Europe, about $300 a 
month. But employers must 
also pay the highest taxes on 
wages in the region. 

This month, the financier 
George Soros withdrew an offer 
to invest up to $80 million in 
Hungary’s largest bank. 


Hamas 
Clinton It 





A Plea for Peace 

Cootumed from Pige 1 
Mr. Clinton said to thunderous 
applause from King Hussein 
and fellow Jordanians, who 
were plainly in a joyous mood 
after Wednesday’s festivities. 

But on a day that took him 
from Cairo to die Israeli-Jorda- 
aian border and then to this 
ancient capital, Mr. Clinton 
also spoke out against the dan- 
ger that violence rather than 
prosperity could yet come to 
color the region’s future. 

Mr. Clinton met Wednesday 
morning in Cairo with Yasser 
Arafat, the chai rman of the Pal- 
estine Liberation Organization, 
and he later pronounced him- 
self satisfied that Mir. Arafat 
was doing all he could do to 
combat terrorist strikes by Ha- 
mas, the Palestinian organiza- 
tion that bas claimed responsi- 
bility for the bus bombing in 
Tel Aviv last week and a series 
of other attacks. 

At the same time, however, 
Mr. Clinton made it plain that 
the United States would be sat- 
isfied with nothing less than an 
all-out effort. His aides said the 
president would cany that mes- 
sage with him to Damascus on 
Thursday for talks with Presi- 
dent Hafez Assad of Syria, 
whose country remains on the 
State Department’s list of states 
that sponsor terrorism. Syria’s 
forces also occupy much of 
Lebanon, which Hezbollah 
guerrillas have used as a base 
for anti-Israeli attacks. 

“Once you become a partner 
in the peace process, you have 
to fight for peace,” Mr. Clinton 
said Wednesday morning in 
s ummarizing what he said he 
had told Mr. Arafat during 
their private meeting in Cairo’s 
Qebbeb Palace, where Presi- 
dent Hosni Mubarak of Egypt 
was host. “And those who seek 
to undermine it are seeking to 
undermine you.” 

Senior administration offi- 
cials said the discussions with 
Mr. Arafat had produced a fi- 
nal agreement from hi m to be- 
gin collecting taxes in Palestin- 
ian-governed territory in the 
West Bank and the Gaza Strip. 
They said that represented an 
important step toward Palestin- 
ian self-rule and expressed hope 
that it would result in a new 
willingness by Saudi Arabia 
and others to make good on 
commitments of financial assis- 
tance. 

But apart from a brief pic- 
ture-taking session, the presi- 
dent chose not to appear with 
Mr. Arafat in pnblic, a decision 
that aides said reflected a view 
that, on a journey intended to 
celebrate peace, it was not yet 
time to accord the Palestinian 
leader a public embrace. 

In his address Wednesday 
night, Mr. Clinton offered con- 
gratulations to Jordan and. its 
people for their courage in the 
peace that brought an end to 
the 46-year state of war. He 
volunteered assurances of 
American admiration and re- 
spect for Islam, and painted a 
picture of a Middle East at the 
threshold of a prosperous new 
era in which countries’ atten- 
tion and resources need not be 
consumed by confrontations 
with its neighbors. 


DAMASCUS — The radtfair 
Islamic group Hamas, which, 
claimed responsibility Iora_TeT. ; 
Aviv bus bombing that tilled 
23, vowed Wednesday to take, 
its fight against the Jewish Slate 
“anywhere in the world.” 

“Rabin’s threats do not scare' 
us because we in Hamas warn 
martyrdom,” Hamas said in an 
open letter to President Bill 
Clinton. 

The group was responding to; . 
a vow by Prime Minister Yitz-' 
faak Rams after a Hamas sui- 
cide bomber blew up the bus.; 
Mr. Rabin said last week thin* 
Israel would hunt down. the. 
group’s leaders wherever they; 
were. 

“Rabin will be responsible' 
for expandi ng the arena of bat-] 
tie and there are numbers of jg 
Hamas supporters who could^g 
reply harshly in any part of the’ ’ 
world to which Rabin starts 
transferring the war,” said ihe> 
letter, which was faxed to a 
news agency in the Syrian capi-! 
taL 

Hamas said it was fighting a) 
just war fora people suffering^ 

said zthad ertendttFits attacks’ 
to Israeli civilians after masso-' 
eras of Palestinian civilians at' 
mosques in Jerusalem and He-, 
bron. 

The group also assailed whatj 
it called the Clinton administra- 
tion’s “double standards” on vi-' 
olence by Israelis and Palestin-' 
ians, saying U.S. policy had, 
contributed to the spread of the. 
war to civilians. 1 

“Had you revised your posi-’ 
don regarding the aggression of 
the occupation authorities 1 
a gains t civilians and adopted a 
balanced attitude m this re- 
spect, this would have greatly) 
helped to avoid the effects of 
war on civilians of both sides,*”; 
the Letter said. 


ORLY: 

Air Competition 

Continued from Page 1 

daily Le Monde, which claimed 
that France had pledged to 
open the airport in return for 
the Commission’s approval of a, 
state injection of 20 billion 
francs (now $4 billion) into the 
ailing carrier Air France. Ap- 
proval was granted. 

Officially, the only remaining 
limits to free competition in Eu- 
*s air lanes are so-called: 






if 


cabotage rights, which protect ', 
domestic air routes from for- 
aiiimes. Those rules are 
leduled to expire in 1996 for 
airlines in the European Union. . 

Experts blame those res trie-; 
tions for the extremely high! 
costs of flying those purely do-; 
mestic routes- Zafar Kahn,, an, 
airline analyst with Socifeto 1 
Gfcnfcrale Strauss Turnbull in! 
London, said that Air France’s, 
revenues per passenger kilomc-.; 
ter, for instance, are twice those ] 
prevailing in the U.S. domestic - 
market, the world’s most open.; 

A passenger kilometer is one! 
paying passenger carried one- 
kilometer. 

Mr. Kahn also cited the bigb.yJ]: 
costs that burden most Europe- - ' 
an carriers. In 1992, he calcu-j 
lates, those operating costs were 
23.4 U.S. cents a passenger kilo- : 
meter at Air France and 20.1.' 
cents at Luf thansa, compared, 
with 12.5 cents at British Air- 
ways and 6.8 cents at Southwest ; 
Airlines, one of the leanest of! 
the American carriers. “It gives 1 
you an idea of how much fat; 
there is in the European airlines ' 
as a result of protectionism ” he : 
said. 

The ruling to throw open the 
two French routes came in re- 
sponse to a complaint lodged a ; 
year and a half ago by TAT,! 
British Airway's 49.9 percent- 
owned French subsidiary. Curi- ■ 
onsly, it has been a tussle that; 
has pitted an airlin e from Eu- ; 
rope’s greatest single-market 
skeptic — Britain — against its' 
greatest proponent — France' 

— in an effort to have the single; 
market live up to its stated pnn- 1 
ciples of free competition. 

For TAT, which was losing 
money well before BA bought; 
its £17 million ($28 millio n cur-> 
rently) stake and has continued; 
to be . unprofitable, the court- 
ruling mil provide a needed 
boost For Air France, which is 
already being sued by a num 
of European airlines as well 
by the British government 
huge subsidies from the stale, 
will only intensify the financial 
pain. 


iliH’i 

ill’ll 





ASIA AND THE PACIFIC 1994: 
MERGING BUSINESS AND THE ENVIRONMENT 

The Regent Bangkok, Thailand - December 7-8, 1994 


An international environment forum, designed to promote dialogue between 
government ministers, leaders of business and industry and leading environmentalists 
worldwide, with a view to harmonizing economic growth and sustainable 
development. 


For further information please contact: 
Vivien Peters. Asia-Pacific Conference Office, 
International Herald Tribune, Hong Kong 
Tel: (852) 9222 1163 Fax: (852) 9222 1190 


CONFERENCE 

ORGANIZERS 

iteralb^o^&ribunc 



rren 







INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 27, 1994 


Page 5 




** 


4 J ^^ItMommbiquc Limps 
i- Toward Election to 
^End Years of Strife 


C>s 




New York Timet . Sonar 

V MAPUTO, Mozambique — 
"*■ Six months to the day after 
neighboring South Africa, Mo- 




in a 


With $19 miDi on of party- 
grooming aid from the West, 
Renamo has moved from bush 
camps to city offices and recast 
itself as a buttoned-down, right- 
of-center underdog, offering a 
xxacys latest beacnbead program virtually identical to 
region that is defying the Frefimo’s. 



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African trend toward war and 
collapse. . 

The elections, after centuries 
of Portuguese hegemony and 1 9 
years of civil war and one-parly 
rule, will leave only one country, 
at the southern end of the conti- 
nent — the minuscule Kingdom 
of Swaziland — that has not 
passed through the rite of con- 
tested elections. 

If Mozambique succeeds, it 
. could help reverse the Western 
i.. •t I*, fatalism about Africa created 
by recent calamities like Rwan- 
ii.iit’.. M ‘ ,r: da and -Somalia. But Mazaxn- 

is not South Africa, and 
no liberation euphoria 


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palpable among the United Na- 
tions overseers and other West- 
ern sponsors, who have spent $1 
billion nursing Mozambique 
from civil war to election day, 
than it is among the Mozambi- 
cans, who hope the two-day 
elections will secure their peace 
and prosperity, but are not en- 
tirely convinced. 

Expectations range up to the 
fantastic — some voters in this 
rural and largely illiterate coun- 
try told an opinion research 
company they thought the vote 
would bring rain. 

The ballot offers little cause 
for rejoicing. The two main par- 
ties are the same rivals that 
crushed the country between 
them, leaving up to 1 milli on 
dead, most of them civilians. 

President Joaquim Chis- 
sano’s party, the Mozambique 
liberation Front, or Fidimo, 
has presided over the country 
since independence in 1975, 
evolving from a doctrinaire 
Marxist- Leninist party to a lc- 
Ttfargic free market government 
marred by corruption and inef- 
ficiency. 

,v The opposition Mozambique 
Resistance Movement, Ren- 
ame was a rebel movement un- 
derwritten by the defunct white 
states of South Africa and Rho- 
desia, and famous for its army 
of kidnapped children and its 
scorched -earth style of guerrilla 
warfare. 


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In Maputo, the capital, where 
cynicism runs deepest, the pop- 
ular joke is that the election 
between Renamo and Frelimo 
is a choice “between murderers 
and thieves.” 

The conventional wisdom is 
that Mr. Chissano, who is better 
liked than his party, will win the 
presidential race over the Ren- 
amo leader, Afonso Dhlakama, 
with 10 other candidates shar- 
ing the scraps. The bigger ques- 
tion is whether the ruhng party 
will win an outright majority in 
the new, 250-seat Parliament. 

Renamo is stronger in the 
north, where it feeds on region- 
al resentment of the more 
southern-oriented government, 
and where the government is 
vilified for bombing campaigns 
against the rebels thar often hit 
civilians. Renamo also has 
strong support from tribal lead- 
ers, whom Frelimo scorned as 
relics of the past. 

Mr. Chissano has bolstered 
his support by dispensing 
blocks of free soccer tickets and 
mounting carnival-style rallies. 
State radio, the only medium 
that penetrates into the isolated 
villages where most of Mozam- 
bique lives, has been slanted to- 
ward the ruling party, though 
independent monitors say the 
bias has diminished. 

The election may be less a 
verdict on the candidates than 
on the Western countries that 
have made Mozambique, as the 
UN special representative here 
put it, “a kind of political lab- 
oratoiy.” 

Mr. Dhl akama, while insist- 
ing he would never go back to 
war, has repeatedly declared 
that only fraud could deny him 
victory and he would not neces- 
sarily accept the verdict of for- 
eign election monitors. 

“I have already won,” be as- 
serted in one recent campaign 
speech. If he was cheated of 
victory, he said on another oc- 
casion, “we won't return to war, 
but we won’t recognize the re- 
sult.” 

— BILL K KIJ JER 



Colombo Opponent 
Alleges Conspiracy 


Corrtpikd br Our Staff From Dupmha 

COLOMBO — Sri Lanka’s 
main opposition party said 
Wednesday that the assassina- 
tion of its presidential candi- 
date was a conspiracy between 
the government and Tamil re- 
bels. 

“In my view, it was a conspir- - 
acy bet ween the government 
and the LTTE," a leader of the 
United National Party, M.H. 
Mohammed, said, referring to 
the Liberation Tigers of Tamil 
Eelam. 

G a mini Dissanayakc was 
kiDed Sunday with 52 others by 
a suicide bomber at a campaign 
rally for the Nov. 9 presidential 
election. Senior police officials 
have blamed Tamil rebels for 


the blast- Mr. Dissanayakc’s 
widow, Srima, will contest the 
election i n his place. 

“The LTTE scented Ganuni 
was going to win and wanted 
him assassinated to help the 
it win the election,” 
said. 

He said the government had 
acted against the advice of the 
security forces in freeing rebel 
detainees and stopping searches 
to pave the way for this month’s 
peace talks with the rebels. 

“This is a conspiracy between 
t he g overnment and the 
LTTE," Mr. Mohammed said. 
“It is a shame. They released so 
many ten-oiist suspects. It be- 
came open ground for the 
LTTE hoc.” (Reuters, AFP) 


Admiral Macke in Quang Nirib Province, viewing wreckage Wednesday from a U.S. jet that crashed during the war. 

Hanoi Praised for Cooperation on MIAs 


Singapore Sentences Frenchman 
To Prison and 5 Strokes of the Cane 


By Philip Shenon 

New York Tima Service 

HANOI — The commander 
of American military forces in 
the Pacific praised Vietnam on 
Wednesday for its cooperation 
in accounting for U.S. troops 
missing from the Vietnam War 
and suggested that the Viet- 
namese would continue to co- 
operate enthusiastically regard- 
less of whether Washington 
established full diplomatic and 
trade relations with Hanoi. 

The comments here by Ad- 
miral Richard C. Macke, com- 
mander of the United States Pa- 
cific Command, delighted his 
Vietnamese hosts, who have 
long contended that the United 
States should not use the issue 
of missing Americans to delay 
norma] diplomatic ties between 
the two countries. 

“At all levels of the govern- 
ment, I heard the desire to con- 
tinue (be cooperation and in 
fact to enhan ce that coopera- 
tion.” Admiral Macke said after 
meeting with Prime Minister 
Vo Van Kiel and other senior 


Vietnamese officials. “We are 
very pleased with the coopera- 
tion we see now.” 

While the admiral cautioned 
that the decision to restore full 
diplomatic relations would be 
left to “our political masters,” 
his unqualified praise for the , T 
Vie tnam ese will doubtless help Hanoi, Admiral Macke replied, 
Hanoi in its long campaign to ^ P ers °^ a ily ^don’t have any 
establish normal diplomatic '** 


fact continued to improve,” he 
said. 

Asked whether the military 
had any concern that the Viet- 
namese would cut bade their 
cooperation if Washington took 
the next step and established 
full diplomatic relations with 


and trade ties with Washington. 

The Clinton administration, 
which in February lifted a 19- 
year American trade embargo 
on Vietnam, has said that the 
move toward normal diplomat- 
ic relations with Hanoi depends 
on “tangible progress” in ac- 
counting for the ^214 Ameri- 
cans still listed as missing in 
action in Southeast Asia. 

Admiral Macke, on his first 
visit to Vietnam since assuming 
the Honolulu-based Pacific 
Command last summer, said 
that tangible progress was bring 
made with Vietnamese help. 

“When we lifted the embar- 
go, the cooperation in fact did 
not lessen; the cooperation in 


concern there.’ 

When the embargo was lift- 
ed, a number of veterans groups 
and the families of some of the 
missing Americans warned that 
Hanoi would have no reason to 
continue cooperating in the ef- 


fort to determine the fate of the 

misting 

They are using the same ar- 
gument in urging the Clinton 
administration to withhold full 
diplomatic and trade relations 
for the Vietnamese. 

Admiral Macke, a former 
Fighter pilot who flew more 
than 150 combat missions over 
Southeast Asia in the 1960s, 
met with reporters after visiting 
two sites in Vietnam where joint 
American and Vietnamese 
teams arc searching for clues to 
the fate of missing Americans. 


Reuters 

SINGAPORE — A French 
businessman has been sen- 
tenced to five strokes of the 
cane and 14 months in jaD in 
Singapore, his lawyer said 
Wednesday. 

Marcel Aimfe Faucher, 45, 
whose wife and two children 
live in France, pleaded guilty to 
two charges of writing bad 
checks and one of overstaying 
his visa. He was sentenced on 
Monday. 

He received concurrent jail 
terms of six months each for the 
two check offenses, and eight 
months in jail and five strokes 
of the cane for overstaying his 
visa, said his lawyer, Syed Ah- 


mad. The lawyer said he had no 
instructions from Mr. Faucher 
to appeal the sentence. 

“We are following the case 
carefully,” a spokesman for the 
French Embassy said. He 
would not say whether there 
were any plans for an appeal for' 
clemency. 

Caning, imposed in Singa- 
pore for a number of offenses, 
drew wide attention when an 
American teenager, Michael 
Fay, received four strokes of the 
cane, served an 83-day prison 
term and paid a 3.500 Singa- 
pore dollar (&L300) fine for 
spray-painting cars and other 
offenses. 




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Clinton Tries to Reassure 
North Korea on Reactors 




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it*- 


T m France Marks 
Anonymous Mother 

Seven hundred women 
give birth in France each 
- year without declaring their 
identity to the hospital or 
the maternity clinic and 
without legally recognizing 
thar- babies as their own. 
The -mother, identified in 
• each case only as “X," may 
leave a file to be presented to 
the child at the age of 18, but 
the file may include no iden- 
tifying elements. 

This unusual procedure 
— only Luxembourg has a 
: similar law, says the French 
daily liberation — was in- 
; corpora ted into France’s 
Civil Code last year. But it 
dates from the Vichy regime, 
which wanted to help pro- 
tect women who were ‘ vic- 
thns of war crimes.” 

Around Europe 

European Union farm 
ministers were unable to 
agree this week on stricter 
rules on the transportation 
of animals. Germany, the 
current EU president, had 
proposed an eight-hour limit 
i or journeys within national 
headers followed by a two- 
hour period for feeding and 
watering. For cross-border 
trips, h suggested a 15-hour 
or a 22-hour limit, followed 
by a six-hour rest. 

But the Italian and Greek 
ministers said trade would 
be distorted as haulers 
avoided countries with 
stricter rules. 


The beating death of a 5- 
y ear-old girt by three young 
boys has shocked and an- 
gered Norwegians, many of 
whom blame the death on 
television violence. 

Silje Marie Redeigard of 
Tiller, near Trondheim on 
the west coast, was shoved, 
kicked and stoned by three 
boys — a 5-year-old and two 
6-year-olds — on Ocl 15, 
then left lying in the snow, 
where she froze to death. 

The boys are to undergo 
psychological evaluation; 
Norwegian law does not al- 
low children under age 15 to 
be charged with any mime. 

Although there was no 
proof that the killing was 
linked to television violence. 
Swedish-owned TV-3 sus- 
pended a popular children's 
action show, “Mighty Mor- 
phin Power Rangers.” 

The ads are intentionally 
provocative. They show an 
evidently nearsighted pooch 
ardently embracing the knee 
of a flustered-looking man 
standing at a photocopy ma- 
chine. How does the man 
feel? the ad asks. Like so 
many women do, it answers, 
when they are sexually ha- 
rassed in the workplace. 

The ads, part of a Dutch 
government campaign, have 
sparked a sharp debate, ac- 
cording to the German 
weekly Da Spiegel. Men 
have complained that the 
ads paint all men as the cul- 
prits in harassment. Women 
resent being compared to 
dogs. In fact, writes a colum- 
nist in the mass-circulation 
De Telegraaf, the only one 
with any right to feel dis- 
criminated against is — the 
dog. 


Brian Knowlton 


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By Steven Greenhouse 

New York Tima Service 

WASHINGTON — Re- 
sponding to North Korea's de- 
mand for personal assurances. 
President Bill Clinton promised 
in a letter released Wednesday 
that he would do his utmost to 
provide new light-water reac- 
tors to the North in exchange 
for its agreeing to freeze its nu- 
clear program. 

In the letter to Kim Jong H, 
the North’s designated leader, 
Mr. Clinton committed himself 
“to use the full powers of my 
office,” subject to congressional 
approval, to provide the reac- 
tors if the project were not com- 
pleted for reasons beyond the 
control of North Korea, such as 
a failure by South Korea or Ja- 
pan to come up with all the 
money they have promised to 
build the reactors. 

Administration officials said 
Lhe president wrote the letter, 
dated Oct. 20, because North 
Korean officials feared that 
even if they froze their nuclear 
program as promised, the Unit- 
ed States and other countries 
might not make good on their 
promise to build two light-wa- 
ter reactors with an estimated 
$4 billion price tag. 

“The North Koreans wanted 
an assurance that their promise 
to freeze their nuclear program 
was not simply pocketed in ex- 
change for nothing," an admin- 
istration official said. 

In his letLer, Mr. Clinton did 
not make any specific financial 
commitments to finance con- 
struction of the reactors, and 
some officials say they doubt 


Congress would support fi- 
nancing such a project for a 
longtime enemy. 

Administration officials say 
t they anticipate that South Ko- 
rea and Japan will finance 
about 90 percent of the project 
to buOd two 1, 000-megawatt 
light-water reactors. The Clin- 
ton administration offered to 
set up a consortium to build the 
reactors in exchange for getting 
North Korea to stop separating 
out weapons-grade plutonium 
and to dismantle its 5-megawatt 
reactor as well as a 50-megawatt 
and a 200-megawatt reactor un- 
der construction. 

■ North Korean in France 

James Stemgold of The New 
York Times reported from To- 
kyo: 

In an announcement that 
added to the uncertainty over 
the transfer of power in North 
Korea, the French Foreign 
Ministry said Wednesday that 
North Korea’s de facto No. 2 
leader, Defense Minister O Jin 
Wu, had traveled to Paris for 
medical treatment 

South Korean government 
officials said in Seoul that they 
had been informed by the 
French last week that Mr. O, 
who is reported to be in his 
early 80s, had been granted a 
visa out of i n iTnflTiit aria n con- 
cerns. 

Kim Jong D is expected to 
succeed his father, who died in 
July, but nearly four months 
later the country still has no 
head of state. There also is no 
secretary-general of the Work- 
ers Party, which dominates life 
North 








Well connected 
business people 
get more out 
ofiht. 


j 


m 


Korea. 


Builder Will Replace Seoul Bridge 


The Associated Press 

SEOUL — The builder of a 
bridge that collapsed last week 
in Seoul, killing 32 people, said 
Wednesday that it would con- 
struct a new bridge and donate 
it to the government 

Dong Ah Construction Co. 


said it planned to spend $186 
mfllion and use a Japanese de- 
sign to build a new bridge 
across the Han River. 

“We deeply regret the burden 
we created on the people and 
we fed moral responsibility," 
said the company chairman, 
Choi Won Suk. 


TO 


As regular readers you fell us that not only do you spend 30 enjoyable minutes 
J..'.’ . .. with your paper, but also you don’t miss a page.t 

? : V ' As international travellers you tell us that 57% of you have telephone 

, ; calling, cards and that on your last business trip abroad, collectively you used 
^ .-them to make an astonishing 1,500,000 calls.* 

r All this convinces us that both you and the telecommunication companies 
■'<• fhat adyertise with us get mote out of the International Herald Tribune. 

'■ For summaries of the surveys from which these facts are taken, please call, 
in. Europe James McLeod on (33-1) 46 37;93 81; in Asia, Andrew Thomas on 

^xT( 65)';223 647S; in the Americas, Richard Lynch on (212) 752 3890. 

‘ ; • 
fljjLg. ■ J'!, , ' , ■ ' B , ■ , 

:.$ourct: t. VIVA Survey. ; 02 /' 9 i . 'Reader Survey ' 94 . . 

' ••••.-• •= ■' - 


Mair 



ACCESS NUMBBIS 

COUNTRIES 

ACCESS NUMBBIS 

COUNTRIES 

ACCESS NUMBBIS 

COUNTRIES 

ACCESS NUMI 


633-1000 


080 - 900-01 

lagan HDCj (EngBdi) + 

006045477 

ftem •/ 

196 

Anriguo [dvdcmd phone,) 

00 

Cxacfa Republic 

0043487-187 

Japan 1 KOD) [EngOdil * 

0039-131 

Ffinppinw (Em (MIchh only) 010341 


1400 - 366-^*3 


BOO- 1-0877 

Japan [Jnpnnfr,") + 



103411 

Argentina 

00 - 1400 - 777-1111 


1400751-7877 

Kenya J 

0800-13 

HilBppInre (Pt»n 

103-16 

Aimanla 

8 - 10-133 

Ecuador / 

171 

Korea (Decora) + 

0039-13 

Poland + 

00104400-113 

AuAvBa (Optet} + 

0084511-10 


356-4777 

Korea ( 1 CT) ♦♦ 

009.16 

Portugal + 

05017-1477 


1400481477 


02 - 356-4777 

Kuwait 

800-777 

Puerto Rico ~ 

14004774000 


03*403414 

BSahoder + 

191 

Lieditenmin + 

1534777 

Komoola+B 

014004877 

Bahama 

1 - 800 - 389-3111 


004 - 890 - 100-3 

Lithuania J 

8 # 197 

Rnuki (Moicour) ♦ 

1 3541 33 

BmhadMA 

1 - 800 - 177-8000 

Finland r 

9800-14384 

liAotribcMirg 

080041 15 

Bui be (ell o«W} +■ 

8095-1534133 

Belgium + 

0800-10014 


19+0087 

Macaco 

0800-121 

Saipan 

2354333 

Bab* (tomb) 

556 

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01304013 

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8004016 

Tinian and Kata +■ 

14354333 

Mae O 

*4 

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008401411 

Mexico 1 - 

95400477-8000 

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172.1877 


1-8004324877 


930-1366 

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19+0087 

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1800-15 

hdMo 

0800-3333 


195 

Neth. AikDIh 


Slngapere ♦ 

8000 - 177-177 


0004016 


001 - 800-1212000 

(Curacao & Banae a) + 

001400 - 745.1 1 1 1 

Scolh Africa 4 - 

0400494001 

BrflMh Vngln lit 0 

14004774000 


800.1877 

Nartmiandi + 

06 + 022-9119 

Spain 

900494013 

■niBotta A 

00400-1010 

Haag Kong 5 

Oil 

Uew Zeataod A 

012 - 0 -an* c* 6 -|bm no. 

Si. lude 0 

1400 - 277-7468 

Canada - 

14004774000 


00 + 80041-177 

(Jn-cocmtry mill) 


St. Luda A 

187 

CMh 

0040317 


9 M -003 

New Zee land 

000499 

Sweden +■ 

020-779411 

China (Enrfiihl W 

108-13 

India * 

000-137 

Nicaragua (Mempre U,l 6 k| a 

171 

Swfttertartd + 

1554777 


108-14 


001 - 801-15 



Syria + 

0888 


910-130410 

Inland 4 - 

i-juMus-aoai 


DI 4 - bghh or Spaildi aa. 

Taiwan o 

0080-144877 


9 SO- 13 O-II 0 


177 - 103-3737 

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800-19877 

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001 - 999 - 13-877 


163 

Italy + 

173-1877 

FanaM 

115 

Timdad & Tobago 


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008-12400 

(port, of antry only) 

23 


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Uruguay m 
V atican Clty + 

Vuczudn (EngOih) 
Vnuafa (SpatDi] 


•- 100-13 

S00-13T 

0800444*77 

03004*4877 

000417 

170.1177 

800-11 114 

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Page 6 


THURSDAY. OCTOBER 27, 1994 






OPINION 


licralh 


INTERNATIONAL 

Poblinhed a till Thi* New \ork Tiom. and The Washing? on Phi 


(Sribune 


An Opportunity in Syria 


The official reason for President Bill 
Gjinton s trip to the Middle East was to 
Witney Wednesday’s signing of the Isra- 
ewordan peace treaty in Aqaba. But the 
t&tnguing stop will be the meeting on 
Thursday in Damascus with Syria's presi- 
dent, Hafez Assad. While House officials 
saw the Aqaba ceremony as a chance to 
lift the president out of the gloom of a 
frustrating midterm election campaign 
and emphasize his recent foreign policy 
successes in Haiti, North Korea, and 
Iraq. If he can somehow manage to add 
substance in Syria to ceremony on the 
Israel-Jordan border, he can improve his 
presidential image as well as the pro- 
spects for Mideast peace. 

Only a couple of years ago, analysts 
expected Syria to be die first Arab coun- 
try after Egypt to make peace with Israel. 
Mr. Assad has since hovered on the side- 
lines as first the Palestine Liberation 
Organization and now Jordan reached 
agreements. Syria's reticence has also 
forced its client. Lebanon, to hold back. 
America has an interest in seeing that 
these two c racial holdouts do not lag too 
far behind the peacemakers. 

The main issue dividing Israel and 
Syria is the Golan Heights. Syria wants 
a quick and full Israeli withdrawal and 
offers diplomatic relations in return. Is- 
rael wants a more drawn-out process 
and is not committed to full withdrawal. 
The two sides' positions have crept clos- 
er, and Mr. Assad has begun to prepare 
his people for peace. Rhetoric about 
Israel in the official media has become 
less venomous. This month, Syria's for- 
eign minister met with Jewish groups in 
Washington. Damascus billboards that 
once touted Mr. Assad's warrior virtues 
now hail “Assad, the hero of peace.” 

Syria’s negotiating style differs from 
that of the PLO and Jordan, which both 
rushed to announce agreements in prin- 
ciple before all the details were worked 


qul Damascus prefers to negotiate first, 
formalize second, and normalize last. 
Syria has also compiled a record of abid- 
ing by agreements that it does sign. 

Because of that style, any progress 
between Syria and Israel takes place 
behind the scenes. But Syria is quite 
willing to showcase its dialogue with 
the United States, particularly at the 
presidential level. 

When Mr. Clinton met Mr. Assad in 
Geneva last January, the Syrian leader 
for the first time publicly spelled out 
what kind of normalization be would 
offer in exchange for a full Golan with- 
drawal. American diplomats failed to 
follow up that opening, but Warren 
Christopher got the message. He has 
visited Syria five times since May. and 
although he encourages modest expecta- 
tions. the Clinton administration would 
probably not be risking a presidential 
visit unless it foresaw some break- 
through — perhaps an announcement of 
talks between Israel’s foreign minister. 
Shimon Peres, and his Syrian counter- 
part, Farouk Shara, or even between 
President Assad and Prime Minister 
Yitzhak Rabin. 

Mr. Clinton also needs to bring op the 
subject of terrorism. Quite apart from 
the recent attacks in Israel by Hamas 
and new shelling over the border by 
Hezbollah, he must justify the anomaly 
of an American president visiting a 
country on Washington's list of terror- 
sponsoring states. An unequivocal state- 
ment by Mr. Assad condemning vio- 
lence against civilians would be helpful, 
as would a promise to disarm and expel 
violent pro-Iranian groups now operat- 
ing from Syrian and Lebanese territory. 

Mr. Assad, a wily survivor, now seems 
ready to bet his future on peace. Mr. 
Clinton must try to capitalize on this 
historic opportunity. 

— THE NEW YORK TIMES. 


A Different Contract 


Earlier this month Alice Rivlin, direc- 
tor of the Office of Management and 
Budget, sent President Bill Clinton pre- 
cisely the kind of memo that a budget 
director ought to be sending a president 
at this time of year. The president has to 
choose a course of action for the next two 
years, the remainder of his term, with 
regard to the deficit and the tax and 
spending policies that make it up. The 
memo outlined the choices; one of the 
several basic points it made is that it is 
not possible to do nothing. 

If the president opts for a standstill 
budget in the sense of proposing no ma- 
jor-changes in- tax or spending policies, 
the deficit does not stand still. Primarily 
because of rising health care costs, it will 
begin inexorably to rise again. The only 
ways to keep it from doing so — let alone 
to reduce it further — are to increase 
taxes or cut spending. 

Tax increases aren't ever popular, and 
so-called discretionary spending (the 
third of the budget, including defease, 
that is subject to die annual appropria- 
tions process) has already been much cut 
over the years. That leaves entitlement 
cuts as perhaps the likeliest alternative if 
the president wants to keep putting 
downward pressure on the deficit. Thus 
the memo — deftly put as you would 
expect from the current budget director, 
but hardly anything new or all that star- 
tling. You have heard it all before. 

Republicans have pounced on the op- 
tions paper anyway; they say it proves, 
among other things, that the administra- 
tion is two-faced on entitlements. For a 
month now. the administration and 
Democratic candidates have been trying 
to make a campaign issue of a Republi- 
can position paper called “Contract With 


Other Comment 


Hie Korea Accord: Two Sides 

The stakes were always high in Lhe 
marathon negotiations between the Unit- 
ed States and North Korea. They certain- 
ly went beyond the immediate concern of 
security with a resumption of interna- 
tional inspections of North Korea’s nu- 
clear installations. At their lowest point, 
in June, when the United States threat- 
ened to call for UN sanctions if North 
Korea did not agree to inspections. North 
Korea's response — that such a move 
would amount to a declaration of war — 
made for an explosive situation indeed. 

The agreement finally reached in Ge- 
neva has a potential impact for peace far 
beyond the immediate concern of secur- 
ing North Korean compliance with the 
Nuclear Nonproliferation Treaty. 

Transcending [that] is the potential 
the agreement has for drawing North 
Korea out of its isolation and opening 
the way for reunification with South 


Korea. The agreement will see the reviv- 
al of talks between North and South 
Korea on nuclear inspections designed 
to ensure the whole Korean Peninsula is 
free of nuclear weapons. 

— The Sydney Morning Herald. 

The so-called breakthrough made at 
the tortuous talks in Geneva came as a 
glaring case of gjving much and taking 
tittle, for which liberal pushovers in the 
Western and free world have already 
earned fame, from the Munich agreement 
of 1938 to the Treaty of Paris for peace 
with North Vietnam in 1973. 

The lopsided Geneva deal gave Pyong- 
yang most of what it wants — exchange 
of Uaison offices as a prelude to full 
diplomatic normalization with Washing- 
ton. new reactors and fuel to be used in 
the interim. Washington gained little ex- 
cept for uncertain compliance with the 
Nuclear Nonproliferation Treaty. 

— The Korea Herald (Seoul). 



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!.? y.i 


A Changed Middle East, With Israel in Fixed Borders 


W ASHINGTON — It is 20 years and 
small change since an American 
president flew into Damascus to nudge 
Syria’s Hafez Assad toward making 
peace with Israel. Then as now, the mo- 
tives and wisdom of the president’s trip 
were questioned at home. Then as now. 
Mr. Assad was insisting that only a full 
return of the Israeli-occupied Golan 
Heights could bring peace. 

The similari ties between Bill Clinton's 
stopover in Damascus this Thursday and 
Richard Nixon’s journey there in June 
1974. as Watergate consumed him, are 
misleading, however. Mr. Clinton's trip 
is an excursion into a new Middle East 
that is worth the time and risk that the 
president is taking. 

When Mr. Nixon went there, Damas- 
cus s till styled itself as “the Hanoi of the 
Arab world” and boasted of its undying 
opposition to American and Israeli impe- 
oaJism. The respectful welcome prepared 
for Mr. Clinton shows the enormous 
changes that have occurred in Arab and 
international politics in two decades. 

It is on these changes, and not on the 
day’s diplomatic harvest, that both the 
president and those who argue that be 
should not go to Damascus should focus. 
To argue about how much his visit con- 
tributes, or does not contribute, to what 
the diplomats call the MidcBeJEasi peace 
process and the search for a “comprehen- 
sive peace” misses the point of changes 
that have overtaken the diplomatic and 
political conceits tha t have prevailed 
since Mr. Nixon’s days in office. 

The important elements of an Arab- 
Israeli peace are already in place. Syria 
signed on to that reality in 1991 by going 
to war against Iraq in a coalition led by 
the United States and supported by Isra- 
eL Iraq's principal Arab allies in the Gulf 
War, the Palestine Liberation Organiza- 
tion and Jordan, have each made thdr 
own peace with Israel. 

Reality, not the promise of a "compre- 
hensive peace.” keeps Syria from going 
to war with Israel today. 

At no time since the 1967 war has 
Israel had less need to return the Golan 
Heights to achieve a state of peace with 
Syria. But at no time has a land-for-peace 


By Jim Hoagland 


swap on the Golan been more likely or 
more logical for both sides. 

That is because Prime Minister Yitz- 
hak Rabin and Foreign Minister Shimon 
Peres are prepared to do something that 
previous Israeli leaders could not do ( be- 
cause of .Arab intransigence) or would 
not do (because of the ideology of Great- 
er Israel); they will define and live within 
the borders of a modem Israel whose 
frontiers will be traced by treaties. 

In achieving peace with Jordan, Syria 
and the Palestinians. Israel wQl give up 
more than land. Mr. Rabin and Mr. Peres 
also give up part of the future. They give 
up a legal limbo that holds open the op- 
tions of redrawing Israel's boundaries 
from time to time by military conquest. 
They accept the limits and existence of a 
normal state in the world community. 

The w illingn ess of Mr. Rabin and Mr. 
Peres to settle on permanent borders now 


means that Mr. Assad should and perhaps 
will come to terms soon. If he does. Mr. 
Rabin still races a tough fight in Israeli 
opinion about any deal on the Golan. The 
debate is essentially an ideological one 
about the nature of Israel, not about Mr. 
Assad’s character or negotiating tactics. 

Mr. Clinton's trip to witness the sign- 
ing of a treaty that draws Israel's frontier 
with Jordan lends his support and au- 
thority to the new Israel that is taking 
form on the ground. The president pays 
appropriate tribute to the leaders who 
are creating that new state out of the 
dreams and war-weariness of their people. 

They run huge risks. By finally draw- 
ing its borders short of the outer limits of 
the West Bank and Gaza and se al i ng 
those frontiers, Israel may be opening the 
way for a Palestinian state. The recent 
terror attacks mounted by the religious 
fanatics of Hamas show that the Israelis 
are not buying “comprehensive peace” 
by letting President Yasser Arafat set 
himself up in Jericho. 


Mr. Rabin and Mr. Peres never fooled 
themselves about that They know that 
for the fanatics creation of a Palestinian ■* 
state is not '‘comprehensive** enough. 
For Hamas and Tehran, only the de- 
struction of Israel as a Jewish state is 
“comprehensive." 

But Israel’s present leaders are realists 
who have looked at the vast changes in the 
international environment—: the coHapse 
of the Soviet Union, the detraction of 
radical Arab nationalism, the sweeping 
social and demographic changes in Israel 
— and concluded that this is the moment 
to nuke Israel's frontiers a permanent 
pan of the Middle East landscape. 

Mr. Rabin and Mr. Peres understand 
that the passage of time and the weather- 
ing of the soul are essential tools of 
politics and diplomacy, as important as 
any “process” that diplomats create. For 
seeking to create a new, geographically 
defined and secure Israel, they are wor- 
thy redpienu of the Nobel Peace Prize. 

The Washington Post 


To Move More Confidently Across the Bridge of Peace 

By Abba Eban 


H ERZLIYYA. Israel — As 
foreign minister of Israel 
in 196S I opened a high-level 
dialogue with Jordan which 
my colleagues and successors 
continued year by year. It is 
natural that I should now- 
watch the signature of the Jor- 
danian- Israeli peace treaty 
with deep satisfaction. The 
“bridge of peace” spanning 
the River Jordan has taken the 
Middle East peace process be- 
yond the point of no return. 

It may seem churlish to in- 
dicate clouds on so promising 
a horizon. But the relations 
between the three sets of lead- 
ers involved should be more 
harmonious and confident 
than they are. 

Israelis should read King 
Hussein’s observations on the 
Palestinian problem with real- 


ism. He has made it clear that 
he would not be signing a 
peace treaty with Israel this 
week if the PLO had not re- 
leased him from responsibility 
for the Palestinian cause by 
signing the Declaration of 
Principles on Sept. 13, 1993, 
on the White House lawn. 

Israeli leaders should avoid 
the impression that they re- 
gard the Palestinian sector of 
the negotiation with aversion 
and distaste. There is no Israe- 
li interest in aggravating Jor- 
rinnian -Palfx tinian tensions. 

Israeli statesmanship stands 
in the center of a triangular 
relationship. Whatever struc- 
ture emerges, there will always 
be three, not two parties in this 
equation. Political parties that 


praise die Jordanian treaty and 
curse the Palestinian accord are 
living in a dream world. 

Israeli. Jordanian and Pales- 
tinian leaders are tied tc 
inextricably. Geography, 
ry and mutual interest give 
them no escape. No Israeli in- 
terest is served by delaying the 
implementation of the Decla- 
ration of Principles. 

The notion of “separation” 
expressed by Prime Minister 
Yitzhak Rabin is a rational and 
pragmatic response to the trag- 
ic Hamas atrocities. It is not a 
long-term answer. The future 
of die region lies in the devel- 
opment of integrative proce- 
dures, based on community ob- 
ligations with an intense 
commerce of ideas and projects 


flowing across a limited space. 

There is no bright future for 
any of the three peoples if they 
live in isolation. This thought 
illustrates the urgency of more 
Palestinian effort to prevent 
further Hamas outrages,' 
which have gravely wea ke ned 
the regional conception. 

Taking experience to heart, 

we Israelis have tried Lose tour 

nation on a road in which the 
opportunities outweigh the 
dangers. With Arab ana Mus- 
lim states opening themselves 
one by one to Israeli contacts, 
the idea of a new Middle East 
is no longer an iUuaao. 

The writer is a former deputy 
prime minister and foreign min- 
ister of Israel This comment 
was distributed by the Los An- 
geles Times Syndicate: . 


m 


America” on grounds that by cutting tax- 
es while seeking to balance the budget it 
would force deep entitlement cuts. Now 
it turns out that all the while the adminis- 
tration has been discussing s imilar cuts, 
itself, the Republicans say. Gotcha. But 
this one is a false gotcha. It implies that 
the two parties are proposing similar pol- D 1 
icies — that in terms at least of fiscal 
responsibility they are on roughly similar 
ground. But in fact they are not. 

The Republicans don’t begin by try- 
ing to solve the present fiscal problem; 
they begin by makin g it many billions of 
dollars worse. Their tax cuts would 
greatly reduce future federal revenues 
and thereby widen the deficit even as 
they also propose a balanced budget 
amendment under which, unless three- 
fifths of votes could be found in both 
houses, the deficit would have to be 
closed. The combination would pul 
enormous pressure on the spending side 
of the budget, much more than the Re- 
publicans acknowledge or would them- 
selves be likely, except in the abstract, to 
support. This would set up a train 
wreck. It is precisely that train wreck 
which, for substantive reasons, the Riv- 
lin memo undertakes to avoid. 

The administration has been good on 
the budget; last year’s budget bill is 
bringing the deficit down. The stronger 
options in the director's memo would 
reduce it further, adding to national sav- 
ings and the funds available for invest- 
ment and future economic growth. As 
happened last year, they might also gen- 
erate some funds to finance other presi- 
dential initiatives. That should be the 
president’s contract with America. It is 
very different from the other one. 

— THE WASHINGTON POST. 


Italy Alter Berlusconi: 
A Tale of Two Outcomes 


By William Pfaff 

OME — It will be the best of and had a rational program, de- 


worlds. It will be the worst 
of worlds. In Rome, you can hear 
both opinions about wbat will 
happen to Italy when Prime 
Minister Silvio Berlusconi is 
gone. There is broad expecta- 
tion. however, that Mr. Berlus- 
coni will indeed go. 

The optimists say that Italy 
still has an opportunity to renew 
its political society. It possessed 
this first in the years from 1945 to 
1948, but the Soviet Union and 
the United States, through the 
interposed Communist and Chris- 
tian Democratic parties, imposed 
a sterile and static political divi- 
sion that lasted more than 40 years 
and corrupted Italian state and 
society. The optimists say that this 
time it can be differenL 

Those with a dark view of the 
future say that the neofascists — 
one now should say ex-fascists, 
as the neofascist party has voted 
to reinvent itself — led by Gian- 
franco Fini will inherit Italy’s 
government when Mr. Berlus- 
coni is gone. 

They say the ex-fascists of Mr. 
Fini are worse than the real Fas- 
cists of Benito Mussolini because 
Mussolini, for all that must be 
said against him, was an intelli- 
gent man {contrary to the carica- 
tural view common outside Italy) 


strayed by the alliance with Hil- 
ler. The followers of Mr. Fini. 
they say. are neither intelligent 
nor proponents of a program, 
other than to take power. 

Why will Mr. Berlusconi falL or 
quit? The answer to that lies in his 
motive for entering national poli- 
tics in the first place, and in the 
contradictions that have followed. 

Mr. Berlusconi became a can- 
didate in order to protect himself 
and his business interests. He did 
so when the latter were threat- 
ened by the election of a reform 
government and he had lost the 
protection of Bettino Craxi. the 
former Socialist prime minister, 
now living in Tunisia {for medical 
reasons, he says) and refusing to 
be questioned by Italian judges. 

Mr. Berlusconi, as national 
television and press baron, was 
the creation of Mr. Craxi and of 
the coalition Socialist-Christian 
Democratic governments led or 
influenced by Mr. Craxi. Those 
governments permitted Mr. Ber- 
lusconi to build an empire of 
private television stations, publi- 
cations and publishing houses 
despite Italian laws meant to 
limit media concentration. 

He became one of Italy’s busi- 
ness titans, but his success was 
crucially related to the political 



favor he enjoyed. His television 
empire was even awarded a 
bridgehead in Socialist-governed 
France in the late 1980s, 
France's first private television 
franchise — which collapsed, 
under Berlusconi management. 

According to the former editor 
of the national newspaper Cor- 
riere della Sera, Piero Ottone, 
writing in Rome's La Repubblica, 
Mr. Berlusconi created Forza Ita- 
lia, his political movement and 
made himself a candidate for 
prime minister because he feared 


The Doom of Liberty in Hong Kong? 


H ONG KONG— When Chi- 
na takes over Hong Kong at 
midnight on June 30, 1997, its 
first official act will be to scrap 
our elected Legislative Council 
This month Beijing announced 
the creation of a “temporary” 
legislature to pass Hong Kong’s 
laws after the changeover. 

This unelected body, with no 
fixed term of office, will un- 
doubtedly rubber-stamp all laws 
that the Communist leadership 
wants. There has been shock- 
ingly little international outrage 
over China’s flouting of the 
1984 Chinese- British Joint Dec- 
laration, which indicated that 
Hong Kong would retain its 
capitalist economy and that the 
people would govern themselves 
in all matters except defense 
and foreign affairs. 

The United States, as the 
standard-bearer of world de- 
mocracy, and Britain, our colo- 
nial ruler, should stand up to 
the bullies from Beijing. One 
good start would be persuading 
the last governor of the territo- 
\ Chris Patten, to use Ms near 
iciatori&l powers to enact 
strong institutions of democra- 
cy and human rights protection. 

Since the Tiananmen massa- 
cre in 1989, it has become ap- 
parent that China has plans 
very different from the ones 
Deng Xiaoping and Margaret 
Thatcher signal 10 years ago. 
Each day brings a chilling new 
sign of what the future may 
hold: a muzzled press, a cor- 
rupted legal system, a loss of 
basic liberties and freedoms. 

Beijing also undermines our 
economic affairs. This month it 
reiterated that it would not allow 
construction of a much needed 
container terminal b ecau se one 


l 


By Martin C. M. Lee 

The writer is chairman of the 
Democratic Party of Hong Kong. 


of the contractors was Jardine 
Maiheson Holdings, a British 
company that bad not toed Bei- 
jing’s anti-democratic line. Chi- 
na has also used any pretext to 
insert itself into the planning of 
our new $16.5 billion airport. 

As Mr. Deng’s health deterio- 
rates, the uncertainty over who 
will replace him as the para- 
mount leader has paralyzed de- 
cision-making in China. None 
of the Chinese elite can afford 
to look soft when dealing with 
Western leaders or human rights 
issues. In this power vacuum, 
Hong Kong provides the most 
convenient target for hard-line 
dogma. Thus dialogue on Hong 
Kong has ground to a halL 

China has done this in part to 
punish Governor Patten, who 
defied it by allowing as increase 
in the number of directly elected 
seats on the Legislative Council 
and by lowering the voting age 
to 18 from 21. Beijing’s uncom- 
promising policy notwithstand- 
ing, there are many things that 
he must accomplish before the 
transfer of sovereignty. 

Press freedom is under siege, 
with an increasing number of 
Hong Kong reporters being ar- 
rested in China. This s umm er a 
Chinese propaganda official 
threatened the owner of a new 
newspaper here for its critical 
coverage of China. The official 
Huang Xinhua, declared that 
Hong Kong journalists should 
“be wise” and “act in line with 
the circumstances.” 

Mr. Patten could help by im- 


mediately repealing the Draco- 
nian colonial laws authorizing 
press censorship. These laws are 
largely unused but are still on 
the books, and Chinese leaders 
are eager to use them to stifle 
our media after the transfer. 

Our legal system is imperiled 
by China’s threats to abolish 
our Bill of Rights and common 
law system. Mr. Patten must 
shore up the legal system by 
creating the Court of Final Ap- 
peal, as described in the Joint 
Declaration. This tribunal would 
be similar to the U.S. Supreme 
Court Judges from the United 
States and other countries whose 
legal systems derive from Brit- 
ain’s would be invited to sit on 
the court as required. 

Beijing’s demonstrated lack of 
respect for human rights makes 
it imperative that Mr. Patten set 
up an independent Human 
Rights Commission, as has been 
strongly urged by Britain's 
House of Commons and numer- 
ous human rights groups. So far 
he has refused, saying that such 
a commission is unnecessary. 
Easy for him to say, as he will 
not be in Hong Kong after 1997. 

The people of Hong Kong 
desperately need these institu- 
tions to preserve our freedoms. If 
China can be persuaded to ac- 
cept them, well and good. If not, 
Mr. Patten must go ahead and 
create them, as be is empowered 
to do by British colonial law. 

If Beijing wishes to scrap 
Hong Kong’s free society and 
democratic institutions after 
1997, it should at least be forced 
to do so in full view of the inter- 
national community, and not 
through the silent complicity of 
the colonial government. 

The New York Times. 


that a government under leftist 
or centrist leadership would dis- 
mantle his media empire and 
that he himself might be prose- 
cuted for corruption. 

The latter has happened to 
many of Italy’s entrepreneurs 
and industrial captains since the 
country’s magistrates began 
their attack on politico-econom- 
ic crime two years ago. Mr. Craxi 
himself said recently that “all” 
of Italy's great enterprises have 
been corrupted, unmistakably 
implying that Mr. Berlusconi’s 
Fininvest is included. 

According to Mr. Ottone, 
friends and associates of Mr. Ber- 
lusconi warned him that it would 
be extremely dangerous to peg his 
defense upon becoming the coun- 
try’s prune minister. However, 
Mr. Berlusconi is a gambler and is 
said to have believed that while he 
might increase his risks in public 
office, he would augment his 
power to defend himself. 

He and his spokesmen say to- 
day that the judges are politically 
motivated when they attack him 
and his corporate record. The 
judges have been cautious since 
he entered the Palazzo Chigi, the 
prime minister's official resi- 
dence. However, their investiga- 
tions have continued. 

Mr. Berlusconi has so far failed 
to resolve the conflict of interest 
between his corporate holdings, 
including ownership of private 
television channels, and his posi- 
tion as prime minister in charge 


of state television. He is unwilling 
to sell his corporations. He has 
proposed a form of blind trust for 
them that has yet to satisfy Parlia- 
ment and public. 

He also has policy problems. 

He has not found a way to reduce 
the country’s national debt with- 
out jeopardizing the prosperity 
that Italy has enjoyed since 
1992, when the lira was allowed 
to float. Italy has since had an kf . 
export boom with strong eco -ff&l 
nomic growth, while inflation has 
actually declined — the result 
mainly, of enduring social peace. 

Prime Minister Berlusconi, as 
candidate, promised tax cuts and 
a reduced deficit and in office 
has attacked what everyone 
agrees is the principal cause of 
that deficit a corrupt social insur- 
ance and pension system. Howev- 
er, he has done this without a 
convincing reduction in other 
government expenditures. The re- 
sult has been a general strike that 
brought 3 million people into the 
streets on Oct. 14. 

_ His government at the same 
time is nven by internal divisions, 
with the head of the regionalist 
Northern League, Umberto Bossi, 
as often as not opposing the gov- 
ernment to which his party be- 
longs. This is not, Romans say, a 
situation that can go on for long, ., 
and the interesting question is 
what will come next Mr. Fini 
would like to think that he wilL 

International Herald Tribune. 

© Los Angeles Times Syndicate. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894: Chancellor Resigns 

BERLIN — The conflict in the 
Prussian Cabinet has ended in the 
defeat of Count Caprivi. The 
Chancellor to-day [OcL 26] hand- 
ed in his resignation to the Emper- 
or. (The Herald says in an editori- 
al:] Hitherto it was believed that 
Count Caprivi was the man who 
represented the personal policy of 
the Emperor and that he would 
never be abandoned by his Sover- 
eign. To-day there remains only 
the triumph of the Conservative — 
read reactionary — policy, and the 
fact that Count Caprivi is beaten. 

1919: Revolutionary Hot 

GENEVA — Documents found 
on agents of Lenin who have just 
been expelled from Switzerland 

E rqve that an international revo- 
ition had been prepared for No- 
vember 7. The workers in all 
countries were to be called upon 


to strike on behalf of revolution- 
ary Russia and the suppression of 
the blockade. The revolutionary 

action was to be developed by the 
conversion of the stoke move- 
ment into an armed revolt 

1944: Disaster lor Japan 

PACIFIC FLEET HEAD- 
QUARTERS — [From our New 
York edition:] Japan has beeo re- 
duced to a third-rate sea power 
and her empire defenses have 
been gravely impaired as a result 
of tile disastrous naval defeat ad- 
ministered by the United States 
fighting plaris and ships ^ 
P™!jppme Sea and the central 
Philippine area. The victory, the 
most important naval achieve- 
ment of the war, was secured at 
extremely low cost in personnel 
and ships. Again Am erican sea- 
manship ana training demon- 
strated clear superiority over 
those of the enemy. 







f, '« III*-*. 1 ' ^'"Ul I T 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 27, 1994 


Page 


OPINION 



Race and Intelligence: Mrs. Maxwell Would Put It Best 


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N EW. YORK — Id Montclair, New Jer- 
sey, where t grew tip in the 1950s and 
'60s, there was an elderly woman named 
Mildred Maxwell who would greet the peri- 
odic outbursts of segregationists and other 
racial provocateurs with the angry and 
scornful comment, “There isn't a hell hot 
enough for that man and his ideas.” 

Mrs. Maxwell comes to mind whenever 1 
think (angrily and scornfully) about Charles 
Murray and. his book “The Bell Curve," a 
scabrous piece of racial pornography mas- 
querading as serious scholarship. 

Mr. Murray fancies himself a social scien- 
tist, an odd choice of profession for someone 
who would have us believe that he was so 
sociologically ignorant as a teenager that be 
didn’t recognize any racial implications 
when he and his friends burned a cross on a 
hill in bis hometown of Newton, Iowa. 

In a New York Tunes Magazine article by 
Jason DeParie, Mr. Murray described the 
cross-burning as “dumb.” But he insisted, “It 
never crossed our minds that this had any 
larger significance.’’ 

Oh, zto. Of course not. 

Now, in middle age, Mr. Murray gets his 
kicks by thinking up ways to drape'ihe cloak 


By Bob Herbert 

of respectability over the obscene and long 
discredited views of the world’s most rabid 
racists. And so "The Bell Curve," written 
with Richard Hermstein, who died last 
month, promotes the view that blacks are 
inherently inferior to whites. 

It's an ugly stum. Mr. Murray can protest 
all he wants, his took is just a genteel way of 
calling somebody a nigger. 

The book shows that, on average, blacks 
score about IS points lower than whites on 

Most serious scholars know that 
the book’s conclusions are bogus. 

intelligence lesis, a point that was widely 
known and has not been in dispute. Mr. 
Murray and I (and many, many others) differ 
on the reasons for the disparity. 

I would argue that a group that was en- 
slaved until little more than a century ago; 
that has long been subjected to the most 
brutal, often murderous oppression; that has 


been deprived of competent, sympathetic 
political representation', that has most often 
had to live in the hideous physical conditions 
that are the hallmark of abject poverty; that 
has tried its best to survive with little or no 
prenatal care, and with inadequate health 
care and nutrition; that has been segregated 
and ghettoized in communities that were 
then redimed by banks and insurance com- 
panies and otherwise shunned by business 
and industry; that has been systematically 
frozen out of the job market; that has in 
large measure been deliberately deprived of 
a reasonably decent education; that has 
been forced to cope with the humiliation of 
being treated always as inferior, even by 
imbeciles — I would argue that these are 
[actors that just might contribute to a cer- 
tain amount of social pathology and to a 
slippage in intelligence test scores. 

Mr. Murray says “no.” His book strongly 
suggests that the disparity is inherent, genet- 
ic, and that there is Little to be done about it. 

Most serious scholars know that the con- 
clusions drawn by Mr. Murray and Mr. 
Hermstein from the data in “The Bell 
Curve” are bogus. The issue has been stud- 
ied ad nauseam and the overwhelming con- 


sensus of experts in the field is that environ- 
mental conditions account for most of the 
disparity when the test results of large 
groups are compared. 

The last time I checked, both the Protes- 
tants and the Catholics in Northern Ireland 
were white. And yet the Catholics, with their 
legacy of discrimination, grade out about IS 
points lower on IQ tests. 

There are many similar examples. Scholars 
are already marshaling the evidence needed 
to demolish “The Bell Curve" on scientific 
grounds. But be assured that when their 
labors are completed and their papers sub- 
mitted, they will not get nearly the attention 
that “The Bell Curve” has received. 

A great deal of damage has been done. The 
conclusions so disingenuously trumpeted by 
Mr. Murray were just what millions of peo- 
ple wanted to hear. It was just Lhc message 
needed to enable whites to distance them- 
selves still further from any responsibility for 
the profound negative effect that white rac- 
ism continues to have on all blacks. 

Mildred Maxwell is no longer with us. I 
wish she were. Just once I would like to hear 
her comment on Mr. Murray and his book. 

The New York Times. 


Job Security Is Not a Perk 
If Marriage Is Your Career 

By Anna Quindien 


LETTERS TO THE EDITOR 


• • • -I- ri 
■ l.nxsSteizf 


,The Ghosts of Vichy 

I was astonished to read William 
rPfaffs article “The Old Roots of 
'Vichy Still Feed France and Eu- 
rope” (Opinion, Oct 19). His claim 
:lhat the French have undergone re- 
’ pea ted discussion of the Vichy years 
| since 1972 is true, but his assertion 
•that they have confronted that peri- 
od Is not. This was obvious at the 
, trial of the Lyon militia chid 1 Paul 
;Touvier in April this year, when na- 
itional newspaper coverage in 
[France showed that the nation was 
. as divided as ever. 

I LOUISE BERNSTEIN. 

Paris. 



Deterring Terrorists 

Regarding “ A U.S. Diplomatic 
: Flurry : New Pressure on Terrorists Is 
Urged ” (Oct 20) by Paul F. Horvitz; 
■ It is reassuring to learn that the 
.United States is again becoming ac- 
tive on the terrorism issue by press- 
ing state sponsors of international 
■terrorism to cease and desist 

The U.S. State Department has 
_jinot fulfilled its commitment to 
'! achieve justice this year for the fam- 
ilies of victims of the Pan Am 103 
bombing over Lockerbie, Scotland, 
: m whin 270 people died. The de- 
partment had promised to secure 
stronger sanctions in the UN Seciui- 
; ty Council against Libya to press the 
iGadhafi government to hand over 
jfor prosecution in ^Britain or the 


United States the two Libyan agents 
indicted in those countries in con- 
nection with the bombing. 

Aside from the issue of justice for 
the victims and their families, there 
is the issue of global deterrence. As 
we have seen in Tel Aviv, not all 
terrorist fanatics and their sponsors 
will be deterred by the threat of sure 
punishment But not a single one 
will be without iL 

HARRIS O. SCHOENBERG. 

New York. 

On a Malaysian Movement 

Regarding "Sect’s Sex Slaves? 
Malaysia Is Wary ” (Oct. 11): 

The Malaysian government's 
banning of the Al Arqam movement 
was not politically motivated, de- 
spite the assertions of some of those 
quoted in the article. 

The Al Arqam movement was 
banned because of religious consid- 
erations. Al Arqam bad deviated 
from the true teachings of Islam and 
was misguiding its members. 

It was also developing in isolation 
from the mainstream Malaysian so- 
ciety. In a multi-racial multi-reli- 
gious and multi-cultural Malaysia, 
such development is not in keeping 
with the aim of creating a truly unit- 
ed Malaysian society. 

How can the banning be caDed 
political, or the leader of Al Arqam 
be described as a political threat to 
the prime minister, when Al Arqam 
has only 10,000 full-time members 


and 100,000 sympathizers? The 
prime minister’s political party has 
more than 2 million members. 

The Western media are quick to 
condemn fundamentalist Muslim 
groups in other Muslim countries, 
especially in the Middle East, as 
destructive and even dangerous. 

In the case of Al Arqam, the Ma- 
laysian government is bong criticized 
for an action that is in the interest of 
Malaysian society as a whole. 

ABAS BIN SALLEH. 

Direc tor- General, 

Information Services Malaysia. 

Kuala Lumpur. 

Taking Clinton's Measure 

Regarding “ Where Bush Dallied in 
'90, Clinton Leaps Into Breach " (Oct. 
11) by Douglas Jehl: 

Those who hail President Bill 
Clinton’s swift deployment of forces 
to the Gulf as the long-awaited dem- 
onstration of his resolve inevitably 
accentuate this troubling aspect of 
his presidency. Or do we not take it 
for granted that any American presi- 
dent would have responded in this 
matter to Saddam Hussein’s latest 
provocation? Specious comparisons 
between this ready-made deploy- 
ment and the situation confronting 
President George Bush in 1990 are 
unconvincing, even shabby, given 
the incumbent’s known opposition 
at the time to his predecessor's de- 
termination to repulse Saddam. 
^There is a general; misapprehen- 


sion in the Clinton White House 
that “process” is negligible and all 
that counts is the bottom line. But in 
foreign affairs, the various states 
keep their own books and, for some, 
if not many, the bottom line on 
Haiti wifl be the hectic and dilet- 
tantish prelude to the current occu- 
pation there. Given the complexity 
of the coalition against Iraq, the 
Haitian example does not augur well 
for the negotiations that lie ahead. 

BARBARA FLECK. 

Mannheim, Germany. 

What Clinton Promised 

The current attitude of some con- 
gressional Democrats who would 
rather go it alone in November than 
have campaign help from President 
Bill Clinton, puts a harsh and disfig- 
uring light on their candidacies. A 
mere two years ago, following 12 
years of Republican nongovern- 
ment, the United Slates elected a 
president because he had vowed to 
stand for change — change meaning 
a pro-active government, one that 
would act on the urgent deficit, 
crime and health care issues. 

The Clinton candidacy never 
promised a popular windfall from 
attacking the status quo. Many of 
those who would take credit for real 
deficit reduction, improvement in 
the economy, passage of a crime bill, 
putting health care on the national 
agenda, astute Supreme Court ap- 
pointments and foreign policy chal- 


lenges met now seek election with- 
out giving credit to whom it is due. 
donald j. Carroll. 

C hair man. 

Democrats Abroad-Italy. Rome. 

Rose, Owen and Bosnia 

Regarding “More of This for Bosnia" 
(haters, Oct 18) from P. Desmond 

It is surely the case that Lieutenant 
General Sir Michael Rose, an able 
and far from witless soldier, embod- 
ies in his “shamelessly dis guised rhet- 
oric” the adage that intelligence is the 
measure of one's ability to adapt to 
the environment in which one finds 
oneself. Lord David Owen, ambi- 
tious and wily, uses his rhetoric to 
press for that more permanent post 
he seeks at the New York headquar- 
ters of the United Nations. 

R. G. HART. 

Vienna. 

Inside Great Men’s Heads 

Regarding “Of Green Teeth and 
Great Men * (Opinion, Oct 12) by 
Edwin M. Yoder Jr.: 

It is a mistake to equate “patho- 
graphy" with psychobiograpby. Mr. 
Yoder himself has tried in the past 
to throw light on George Washing- 
ton’s political motives and actions 
by examining his early experience. 
How else could one do so, and what 
is this if not psychobiography? 

ELIZABETH MAR VICK. 

Paris. 


N EW YORK — It so happened 
that in the hours before Lady 
Diana Spencer was to become the 
Princess of Wales is 1981, 1 was 
working on a story on New York’s 
Eighth Avenue, hanging out with a 
group of prostitutes. 

At daybreak I intended to go 
home and watch the royal wedding, 
my companions to get some sleep. 

meanwhile 

But before we parted they gave an 
unforgettable valediction to the 
bride. “She's got the richest john in 
the world,” one of the women said. 

This purely commercial view of 
matrimony seemed exceedingly 
harsh. But u published reports are to 
be believed, the princess is nearly as 
cynical about her marriage now as 
the women working the West Side of 
Manhattan were on her wedding 
day. And a new biography or her 
husband reflects an arrangement 
more like a family business transac- 
tion than a love affair. 

Like so many other women, the 
19-year-old Diana, unsure of who 
she was and what she cared for, 
decided to make her career that of 
wife. Today that can be a very, very 
iffy line of work, particularly with 
nothing else to fall back on. 

And what sometimes happens to 
the women who pursue it is the best 
argument imaginable for teaching 
girls that they should always be able 
to take care of themselves. 

This is palpable in the letters from 
women who think that the stoiy of 
the century is that of their divorce. 
And for them, it is. Once upon a 
time they went into the wife busi- 
ness, and now they have been laid 
off, often because what their hus- 
band wanted years ago is not what 
he wants today. 

They expected to share in his 
good fortune, to grow older amid 
the best that his salary could pro- 
vide, in exchange for something 
once called homemaking. Instead 
they find themselves dusting off 
teaching credentials as old as their 
oldest child and trying to remake a 
life at middle age. 

Studies of divorce in the United 
States have shown that after the 
split a woman's disposable income 
will plummet while that of her hus- 
band rises. The princess will sur- 
vive the money crunch. But who 
will she be after the divorce? He 
gets the friends, the country house, 
even the country. 

One of the crudest parts of being 
an out-of-work wife is the loss of 
identity. One woman says that what 
finally did her in was the name, the 


“Mrs. John Smith" on another 
woman’s stationery- 

Take the case of Betty Broderick, 
serving a long prison sentence for 
the murders of her ex-husband and 
his second wile. Betty had seen her 
husband through professional 
school, skimped and saved in the 
early lean years, car-pooled the kids, 
cheered at soccer games. 

She worked long and hard at wife- 
hood, and then her husband left her. 
And she went berserk, incapable of 
building a new life because who she 
was, the job she hod always counted 
on, was to be Mrs. Dan Broderick. 

There are those who say that the 
changes in the lives of women in the 
last 23 years mean that the life Betty 
Broderick embraced has gone the 
way of the tuna casserole. Bui that 
ignores the truth: that statistics and 
trends and the ways of the world 
rarely dissuade us from the notion 
that we can somehow beat the odds. 

Some months ago Parade maga- 
zine ran a letter that one young man 
had written in 1991 about his dream 
woman; “I want to marry a woman 
of the '90s," he wrote. "The 1890s." 

He wanted a wife who would 
“stay home, clean the house, wash 
dishes and clothes and do many oth- 
er household tasks." 

At the lime, a young woman re- 
sponded: “That’s the kind of per- 
son I've always wanted to be ... I 
don’t really ever want to work.” 
And when 1 read her letter I wanted 
to pick up the phone, to warn her 
that men leave, that maybe some 
day the boy who wanted a woman 
of the 1890s would opt for a 21st- 
century fox instead. 

They plan to marry in March. 

I thought my acquaintances mon- 
umentally cynical that warm night 
in July 1981, even taking into ac- 
count how many times they had 
traded sex [or money with a man 
wearing a wedding ring. How long 
ago that seems. 

The princess, once an emblem of 
romantic love, has now become a 
representative of how horribly 
things sometimes turn out when a 
woman hitches all her hopes to one 
man’s star, an object lesson in the 
need for self-reliance and a life of 
one’s own. 

The New York Timex 


Letters intended for publication 
should be addressed “ Letters to the 
Editor” and contain the writer's si- 
gnature, name and fidl address. Let- 
ters should be brief and are subject 
to editing We cannot be responsible 
for the return of unsolicited ma- 
nuscripts 


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Pages 


The Case 
Of a Man 
Who Defies 
Science 


Still Growing at 28 , 
His Body Lacks 
Estrogen Receptors 


By Natalie Angier 

New York Times Service 


IN BRIEF 


Hubble Makes a Giant Leap 
In Measuring the Universe 

WASHINGTON (Reuters) — Astrono- 
mers are dosing in on one of the most 
elusive statistics ever — the age and size of 
the universe — with the discovery of the 
precise distance between Earth and galaxy 
Ml 00, scientists said on Wednesday. 

New methods of calculating space dis- 
tances, by the refurbished Hubble Space 
Telescope, have established that MIQO, in 
the Virgo cluster of galaxies, is 5 1 million 
light-years away from the Milky Way. 

Wendy Freedman, an astronomer at the 
Carnegie Institute in Washington, said 
that the measurement “is a critical mile- 
stone" in a systematic program to measure 
the scale, size and age of the universe. 


Test May Help Individualize 
Treatment for AIDS Patients 

WASHINGTON (Reuters) — A new 
test can help determine the levels of HIV in 
a patient's bloodstream, helping doctors 
choose the best course of AIDS therapy, 
researchers said on Wednesday. 

A team of researchers at the National 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 27, 1994 


How Hormones Sculpture a Male 


HEALTH /SCIENCE 

;ure a Male H Remember This: Stress and Memory 



Estrogen, converted from androgen, is as important for the male as it is 
for the female for nonmal bone growth and structure. 


Androgen 

(from testes) 


converted to 


Estrogen 


Libido 


Jgp? 


Hair loss - 

at temples 

Facial hair 


Vocal cord - 
enlargement 
(deepening of 
the voice) 


* If-'" \-s\p*- 

iflft I iWD'_ fN* 1 __ • • ' S«*4u»- 


Mineralization 
Of the 
skeleton 






Body hair 


S*3r.-Sfea 


EW YORK — He was a towering 
young fellow, nearly 6 feet 8 inch- 
es, the sort of height that prompts 
strangers in elevators to ask, “Do 
you play basketball?” or “How’s the 
weather up there?” 

But that wasn't the problem — too tall is 
better than too short in this culture, right? 
And, yes. his feet and hands were unusual- 
ly big; his size 18 shoes were be ginnin g to 
pinch. But that wasn't what brought him to 
the doctor, either. 

No, it was his gait. His knock-knees 
were getting ever more knocked, the upper 
legs twisting inward so that his knees were 
too dose together, his ankles too far apart, 
his feet splayed, his abnormal walk a grow- 
ing embarrassment to him. So he consulted 
an orthopedic surgeon. 

By the time his case had been reviewed 
in detail his bones X-rayed, his blood 
sampled, his genes assayed and anato- 
mized, he had overturned a long-standing 
medical paradigm, belied the endocrinol- 
ogy textbooks and defied scientific predic- 
tions merely by being alive. 

The young man. whose identity is being 
kept confidential by his doctors, has a 
genetic defect never seen before in a hu- 
man, one thaL is supposed to be so devas- 
tating that he should not even be alive. 

The cells of his body lack a component 
needed to allow them to respond to estro- 
gen, a hormone once thought to be critical 
to life. He makes plenty of estrogen in his 
adrenal glands, his testes and elsewhere, as 
men normally do, but he lacks the receptor 
necessary to allow his body tissues to re- 
spond to the estrogen be generates. 

According to scientific presumption, a 
person without estrogen receptors should 
have died in the womb, or perhaps ended 
up with a grossly distorted central nervous 
system. Yet here he is, healthy in appear- 
ance and normal by most measurements, 
with a couple of outstanding exceptions. 

At ago 28, he, at 6 foot 8 (more than 2 
meters), is still growing. His epiphyses, the 
tips of the bones which are supposed to 
harden and fuse together at about 18 and 
thus spell an end to skeletal growth, re- 
main soft and cartilaginous, as though he 
were a 15-year-old boy who is still upward 
— and outward — bound. 

“He told me the other day that he just 
moved up to a size 19 shoe,” said Dr. Eric 
P. Smith, a pediatric endocrinologist at the 
University of Cincinnati College of Medi- 
cine. Dr. Smith and collaborators from 
several institutions describe (he paradigm- 
smashing case in The New England Jour- 
nal of Medicine. 


Pubic hair 


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Growth 

plate 

maturation 
and fusion 


pm pm 


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Sperm 

production 


ttrSv i: 




XXit'.Xjrji 




Other targets 

• Muscle strength 

• Prostate growth 

• Skin glands 
(body odor 
and acne) 


um 


7 ~ 7 ' _ 


W-Sj? 


m yjf 


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a 

*%■£?< 


Possible 

functions 

• Increased 
insulin 
sensitivity 

• Decreased 
risk of cardio- 
vascular 
disease 


Source: Dr. Eric P. Smith/ 
Cincinnati Children's 
Hospital Medical Center 


Frank tfComdl/TtK New Yut Tunes 


At the same time that the young man’s 
bones axe elongating, they are also becom- 
ing progressively weaker and more porous. 
As it turns out, he suffers from osteoporo- 
sis of a degree that might be expected, said 
Dr. Smith, “in an elderly, postmenopausal 
woman.” 

The two symptoms together — lack of 


epiphyseal closure and the degradation of 
the bone structure — surprised all the re- 


the bone structure — surprised all the re- 
searchers who took part in the study. The 
findings demonstrate that estrogen is as 
important to a man's bone strength and 
skeletal structure as it is to a woman’s; in 
the past, doctors thought that male hor- 
mones, the androgens, controlled bone de- 
velopment in men. 


T HE symptoms also suggest that es- 
trogen acts directly on bone cells, 
rather than through an indirect 
mechanism, as had been proposed. 
The young man's bone cells, like all his 
other cells, lack the estrogen receptor and so 
are unable to benefit from the strengthening 
influence of the hormone coursing through 
his bloodstream. 

Without the estrogen signal his skeleton 
is gradually demineralizing, the calcium 
dissolving away like chalk in water. The 


means for preventing further decay remain 
unclear: estrogen replacement therapy 
cannot help a man whose cells are deaf to 
estrogen's call. 

Beyond its relevance to medical under- 
s tanding of bone metabolism, the case of 
the man without estrogen receptors high- 
lights science's profound ignorance about 
the role of the sex steroids, the estrogens 
and the androgens, in dictating human 
physical or psychological growth. Although 
estrogen is commonly thought of as a fe- 
male hormone and testosterone — the most 
famed of tbe androgens — as a male hor- 
mone, in fact both sexes produce consider- 
able amounts of the other s hormones. In 
addition to manufacturing estrogen, men 
also turn some of their circulating andro- 
gens into estrogens, which then act on the 
body’s tissues in various ways. 


The man without estrogen receptors 
may lead to a radical reinterpretation of 
how the male and female hormones inde- 
pendently influence the body and brain. 
Not only does he challenge the notion that 
estrogen responsiveness is fundamental to 
life, he also appears to contradict a widely 
accepted idea that estrogen is an essential 
signal for shaping the masculine brain and 
forming its sexual identity. 


Institute of Allergy and Infectious Dis- 
eases, Georgetown University and the 
Chiro n Corp. said the new test will also 
help doctors determine how effective 
AIDS treatment is. and will be useful in 
evaluating experimental treatments. 

“By measuring changes in virus levels, it 
may prove possible to plan effective, indi- 
vidualized treatment strategies for patients, 
and to rapidly determine the minim al effec- 
tive doses of new drugs,” said the institute’s 
clinical director, Dr. Clifford Lane. 

The test is described in the Journal of 
Infectious Diseases. 


Historians have long known that Vi- 
kings from Norway were living in Green- 
land at least as long ago as 1000 A. D., 
along with the indigenous Inuit people. 
But by 1 850 Lhe villages of both groups had 
been abandoned. It has generally been 
thought that the habitations died out be- 
cause the Earth’s climate underwent a pro- 
nounced cooling that began around 1300 
and ended about 1850. The planet has 
been wanning ever since. 


Analysis of Vikings’ Teeth 
Supports Ice Age Theory 

WASHINGTON (WP) — An analysis 
of tooth enamel from Vikings who lived in 
Greenland centuries ago supports the the- 
ory that their colonies on the huge island 
died out because of a major period of 
global cooling known as the Little Ice Age. 

Henry C. Fricke, a University of Michi- 
gan graduate student in geology, and 
James R. O’Neill his professor, reported 
the findings at a meeting of the Geological 
Society of America in Seattle. 


Honeybees Help to Spread 
A Pest-KIIIIng Crop Virus 

WASHINGTON (Reuters) — U.S. sci- 
entists say they have developed a new 
method of crop pest control using honey- 
bees to spread a pest-killing virus. 

The bees pick up the virus from trays of 
talc as they crawl out of their hives at the 
Department of Agriculture research ser- 
vice in Tifton, Georgia. As the bees buzz 
from flower to flower in search of pollen 
and nectar, the virus and powder rubs 
from their legs and attacks com earworm 
larvae, the Agriculture Department 
spokesman said. 

_ John Hamm, an entomologist, says the 
vims powder is harmless to bees. 


By Daniel Goleman 

Sew York Tunes Service 


brain has two memory systems, one for 
Ardi information and one for emo- 


EW YORK — Do you remember 
where you went on your first 
date? Or the most terrifying scene 
of the last movie that really 
frightened you? And what you were doing 
when you heard the news that the space 
shuttle Challenger had blown up? 

The fact that most people have detailed 
answers for such questions testifies to the 
power of emotion-arousing events to sear a 
lasting impression in memory. 

Scientists believe they have now identi- 
fied the simple but cunning method that 
maV(»s emotional moments register with 
such potency: It is the very same alerting 
system that primes the body to react to 
life- threatening emergencies by fighting or 
fleeing. 

The “fight or flight” reaction has long 
been known to physiologists: Tbe heart 
beats faster, the muscles are readied and 
the body is primed in the most primitive of 
survival instincts. These and other distinc- 
tive reactions are triggered by the release 
into the bloodstream of. the hormones 
adrenaline and noradrenaline. 

The same two hormones, it now appears, 
also prime the brain to take very special 
note in its memory banks of the circum- 
stance that set off the flight-or-fight reac- 
tion. The discovery “suggests that the 


ordinary information and one for emo- 
tionally charged information,” said Dr. 
Lany Cahill, a researcher at the Center tor 
the Neurobiology of Learning and Memo- 
ry at the University of California at Irt-tne. 
Dr. r^hill and colleagues published the 
findings in Nature. 

The emotional memory system may 
have evolved because it had great survival 
value, researchers say, insuring that ani- 
mals would vividly remember the events 
and circ ums tances most threatening to 
them. 


T HE findings confirm in humans 
the relevance of 15 years of re- 
search on the neuroebemistzy of 
memory with laboratory rats by 
Dr. James L. McGaugh. director of the 
Irvine center and a co-author of the paper. 
His work with animals had implicated 
adrenaline and noradrenaline in emotional 
arousal and memory. 

“I think it's very exciting," Dr. Larry 


In the study volunteers watched a $Ii® 
presentation with one of two 
the neutral rather bonng. version a moth. 
ct and her son go for a watt to visit H 
father at the hospital where he works, the 
story describes the bland details of what he 
saw on the way and whDethCTe. -j 

But in the upsetting version, the boy 
critically injured in a terrible accident, on 
the W ay, and rushed to the hospital where 
he is mated for severe bleeding in the 
brain and a surgical team struggles to reafc 
tach his severed feet. . 

Before hearing one or another veramicj 
the story, half the volunteers weaved Art 
injection of propanolol a drug that ttuDij 
fics the usual effects of adrenaline and 
hv nhiceine up the receptor 





Squires, a research scientist sp ecializ i n g in 
memory at the medical school oF the Uni- 


memory at the medical school of the Uni- 
versity of.Califomia at San Diego, said of 
the findings. 

The experiment depended on use of a 
drug known to block the effects of adrena- 
line and noradrenaline and on seeing if it 
impaired emotion-laden memories in sub- 
jects told a horrifying story. 


respond to tbe two hormones. 

A week later, tbe volunteers were given a 
surprise memory test for details of tnq 
story. Die volunteers who did not get tbe 
propanolol remembered more of the upset-* 
ting details of the story than the neutral 
parts, showing that even minor emotional 
distress enhances memory _ — a result 
found in many previous studies. a 

The key finding was that those voluiiW" 
leers who received the adrenaline-defcatf 
ing drug were worse at recalling the upset-; 
ting details of the story — but not the 
neutral — than were those who had 
no injection. 




New Light on Astronomer’s Legacy 


By Barry James 

Inrenwaoruzl Herald Tribune 


P ARIS — In the foreword to his 
monumental catalogue of the 
stars, the medieval astronomer 
Ulugh Beg asked posterity to 
“forgive and correct” his work. But using 
powerful computers, modem scientists 
have found little to fault in his dense trigo- 
nometrical calculations. 

Ulugh Beg’s homeland, the modem 
state of Uzbekistan, is celebrating the 
600th anniversary of his birth as a symbol 
of its newly rediscovered national identity. 

Under co mmunis m, emphasis on Ulugh 
Beg and other Mongol rulers was officially 
discouraged as nationalistic and anti-Sovi- 
et and little was published about them, 
according to Shurat Ehgamberdiev, head 
of the Astronomical Institute of the Uzbek 
Academy of Sciences. 

Three years after throwing off the Soviet 
system and gaining its independence, the 
Uzbek government is seeking to remind the 
world of its contribution to modem science. 
This week, it organized an international 
symposium and exhibition on the life and 
times of Ulugh Beg at Unesco headquarters 
in Paris. It is also setting up an International 
Institute erf Central Asian Studies in Samar- 
kand to marie the anniversary. 

Ulugh Beg followed generations of math- 
ematicians in central Asia, one of the great- 
est of whom was the ninth-century Islamic 
scholar Muhammad ibn Musa A1 Khwariz- 
mi He was known in the West as A1 Gor- 
ismi, which yielded tbe word algorithm. 

Al Khwarizmi also wrote a book ex- 
plaining Hindu arithmetic, which was 
called “Restoring and Balancing.” The Ar- 
abic word for “restoring” — aljabr — is 
the root for the word algebra. 

Ehgamberdiev’s department contributes 
to a project called IRIS or International 
Research on the Imerior of the Sun — a 
fitting subject, since another Uzbek scien- 


tist, Al Birunl is believed to be the first, in 
the 11th century, to have studied the solar 
corona. 

Every 20 days, scientists carrying 30- 
kilogram (66-pound) backpacks climb to 
an observatory on a 2300-meter (7,550- 
foot) peak, 70 kilometers (43 miles) north- 
east of Tashkent, to observe tbe oscilla- 
tions of the sun. Along with tbe 
observatory at Tenerife in the Canary Is- 
lands, the Uzbek institute provides the 
bulk of tbe raw data for the project, coor- 
dinated by the University of Nice. 

Buried under meters of snow in winter, 
the astronomers spend three weeks at a 
stretch al the observatory. Each of two 
scientific teams spends 150 days a year cm 
the mountain peak, isolated from the out- 
side world except for a radio-telephone link. 

Ehgamberdiev said the project is observ- 
ing the sun as a star to find out how other 
stars might be formed. Ulugh Beg could 
only have approved. “Religions disappear 
like the mist,” he said. “Empires decay. But 
tbe work of scientists lasts for eternity.” 

Ulugh Beg. grandson of the Mongol 
conqueror Tamerlane, was governor of 
Samarkan d, where he established an Islam- 
ic institute of higher learning. He then built 
the world's largest scientific instrument, a 
me ridian arc with, a 40-meter (130-foot) 
radius to measure star coordinates. Staffed 
like a modem observatory by astronomers, 
math ema ticians, engineers and librarians, 
the vast instrument was used to create a 
catalogue of 1.018 stars, known 3S the New 
Astronomical Tables. 

It was the first such venture in 1,700 
years since tbe Greek astronomer Hippar- 
chus drew up a catalogue, later revised by 
Ptolemy, with about 1,000 stars. 

After Ulugh Beg was murdered by Ms son 
in a palace intrigue, the tables were taken to 


tional charts on which explorers and color 
nizers depended. . ' 




The catalogue was frequently reprinted, 
uvtt «w*ntlv in Washington in 1917. But 


most recently in Washington in 1917. But 
Ulugh Beg's name disappeared into obscu* 
rity. Ulugh Beg built his meridian arc I5Q 
years before Tycho Brahe constructed th* 


ywua uvivxv — , _ - j 

first real observatory in Europe in 1576 and 
almost two centuries before Galileo rnventf 
ed tbe telescope. • 

The arc was a sextant or quadrant 
consisting of two parallel arcs of marble: 


faced brick, buried 1 1 meters underground 
and sweeping 30 meters into the sky. By 
miring measurements from each arc and 
averaging the result, Ulugh Beg was able tp 
compensate for slight errors in the sighting 
position. , , ! 

So accurate were the star tables that 
Ulugh Beg’s calculation of the sidereal year 
differs by only eight seconds from the mod- 
ern figure, established with the help of su- , 
per-computers. The sidereal year is the turpri 
m which the earth completes one revolution 
of its rabit around the sun as measured with 
respect to the fixed stars. 


... ... « • 

IZ. ^ I* 


O NE legend is that Ulugh Beg was 
condemned like Galileo for he- 
retical beliefs, but Ehgamberdiev 
said he believes this was anti-reli- 
gious propa ganda spread by the Commu- 
nists. It is unlikely, he $ai<L because of iHEj 
reverence that eany Mam held for mathe-) 
matics and astronomy. Knowledge erf thej 
sides had many practical applications, suck 
as determining the start of Ramadan, siting! 
cities with relation to Mecca and drawing 
up astrological predictions for the rulers, j 
After Ulugh Beg’s death, the meridianl 
arc fell into disuse and was forgotten for! 
several centuries. The underground section! 
was rediscovered by Russian archaeologists! 
in 1908. Ehgamberdiev said he would tike! 
to see tbe instrument restored, under the! 
direction of astronomers, to find out exactly! 
how it worked. - . j 


Istanbul where they were discovered by a 
British scholar and published by Oxford 
University in 1648. 

They created admiration in Europe, 
where they helped to compile the naviga- 



ft- *«• 

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I 

; .. 


J , 





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IRNATIi 


In 




A Parting of Waters in the Pacific 


By Walter Sullivan 

Sew York Tima Service 


EW YORK — Observations 
from space shuttles and other ve- 
hicles have shown a remarkable 
and clearly visible line that 
marches for hundreds of miles straight 
across the Pacific Ocean as if the waters 
were being divided. 

Scientists are not invoking a miracle to 
explain the strange phenomenon, but the 
line is nevertheless a wonder of nature. 
They attribute lhe dark green line, wMch is 
from one to several miles wide, to an abun- 
dance of microscopic plants that thrive 
along the meeting line between cold, nutri- 
ent-rich water welling up from polar seas 
and warm equatorial currents. The explo- 
sion of life from this encounter feeds much 
of tbe ocean. 

Westward-moving waves delineating 
this encounter have been traced across 


more than 4,000 miles (6,400 kilometers) 
of the Pacific from the vicinity of the 
Galapagos Islands in the east to an area 
south of Hawaii 


On the surface, this produces a series ot 
wave fronts, spaced about 600 miles apart, 
that move west 30 miles a day. This meet- 
ing of hot and cold water masses has been 
observed in whitecaps, narrow bands of 
rich biomass and sharp changes in water 
surface temperature. 

The observations, described in Nature, 
showed enormous production of the mi- 
croscopic sea creatures known as diatoms. 
They formed a narrow band of very dark 
green water, “a distinct line in the sea” 
visible for hundreds of miles. 

It has long been known that such equa- 
torial encounters generate abundant life, 
producing equatorial diatom deposits as 
much as three miles thick, but never before 
has such an eruption of marine life been so 
readily observed on the surface. 


The diatom lines seem to be an ancient! 
phenomenon. From cores of sediment exJj j 
traded from the equatorial sea floor, sderi-7 1 
tists in the Ocean Drilling Program have! 
found that from 15 million to 4.4 million'. 


years ago there were bursts of ocean pro-j 
ductivity far greater than even the most! 


striking instances of the current era. [ 
Over the millennia the periods of high! 
productivity, followed by sudden mortal- 
ity, produced showers of diatom shells 
forming sharply defined layers and a 
“chalk line” on the sea floor. ! 


1 

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"'t* 

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l Vv 

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■ :T * ** 


As tbe Pacific floor drifted northwest [ 
this chalk line, having been formed at the) 
Equator, became buned in sediment butj 
drilling has reached it confirming suchi 
motion over the past 150 milli on years. 
Although the chalk line originated at the 
Equator, it has been found so close to the 
volcanic islands erf Japan that traces of 
Japanese eruptions are found with the 
chalk 


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1 

£ (4 

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MEASURE FOR MEA- 
SURE: A Musical History of 
Science 


WHAT THEY'RE READING 


By Thomas Levenson. 351 pages. 
$25. Simon & Schuster. 


Reviewed by 
Stephen S. Hall 


W HAT did .Antonio Stradi- 
vari know that Isaac New- 


ton didn't? That question is one 
of the worms turning at the 
heart of Thomas Levenson's 
“Measure for Measure,” an id- 
iosyncratic and thoroughly en- 
gaging history of science. In a 
very imaginative and appealing 
conceit, Levenson retells a fa- 
miliar history From an unfamil- 
iar angle — as a dialogue be- 
tween music and science 
stretching from ancient Greece 
to our digital present, where the 
craftsmen who build musical 
instruments have as much to 
say as the theorists who explain 
how they work, each firmly 
rooted in their time and place, 
each revealing how changes in 


b Richard Young, one of the 
best known paparazzi is read- 
ing, “ Brando : The Biography." 
by Peter Manso. 

“For me he’s the best actor of 
all time. Manso uncovers so 
many facets of Brando’s genius 
with mastery and rhythm. He 
perfectly illustrates this huge gi- 
ant of a man wrestling with 
himself and those around him.” 

(Margaret Kemp, IHT) 



the newly embraced spirit of 
Newtonian investigation — 
where anything in nature, from 
the solar system to a cello, can 
presumably be understood if 
taken apart — scholars have lit- 
erally deconstructed these in- 
struments and taken their mea- 
sure. We know exactly how thin 
Stradivari made the backs of his 
instruments (thinner than 1 
most), what kind of varnish he 
used, out of which wood he 
made its parts. We know that 
the sound of a cello is nothing 
more than a most pleasing exer- 
cise in acoustical physics, and 


beautiful instruments? Into that 
inability, Levenson reads noth- 
ing less than the crippling limi- 
tations of mechanistic Newto- 
nian physics. “The inherent 
unpredictability that permeates 
the task of building a first class 
cello means that the hunt for a 
law, for the list of rules for 
building a Stradivari, cannot 
succeed,” he says. “And as for 
the cello, so for most of nature." 


music reflect changes in what 
we scientifically know and how 
we know it. “An instrument, a 
machine, contains within it.” 
Levenson writes, “a land of ar- 
chaeology of ideas: its design 
and construction reveal what its 
builders thought were impor- 
tant to try to do — what they 
wanted to get at or produce.” 

The story of Stradivari 
(“Stradivarius” in the Latinized 
form), who made breath taking- 
ly beautiful cellos as well as 


violins, illustrates a pivotal 
point in this argument. Leven- 
son. the author of “Ice Time” 
and a producer of television 
documentaries about science, 
points oat that Stradivari lived 
at roughly the same time as 
Newton and Johann Sebastian 
Bach, learned his trade in the 
Cremona shop of Nicolo Amati 
and by about 1760 was making 
his own instruments. There are 
no outstanding technical secrets 
to Stradivari's methods, and in 


we know everything there is to 
know about those physics. We 


know about those physics. We 
know that Stradivari repeated 
his experiment many times, be- 
cause he produced many gor- 
geous-sounding instruments. 


Bui as Levenson notes, “the 
core principle of the new ex- 
perimental science was that 
what one person can discover 
any other can find again,” so 
why can’t anyone reproduce 


Stradivari’s experiment? Why 
can’t anyone else produce such 


In similar fashion. Levenson 
pauses to examine a number of 
instruments (most musical, 
some not) through history and 
explores what they say about 
our concept of nature: how Py- 
thagoras saw in the first primi- 
tive organ the connection be- 
tween abstract mathematics 
and real sound; how Gregorian 
chants and their simple mono- 
phonic melodies reflected the 
more general retreat in the Mid- 
dle Ages from the scientifically 
richer Pythagorean cosmology; 
and how tbe discovery of har- 
mony after the Dark Ages “rep- 
resented undiscovered territory, 
as promising and mysterious as 


the interior of a newly discov- 
ered continent” 

Harmony ultimatdy brings 
us to Bach, and a delicious par- 
adox. “From the moment that 
harmony seemed a good idea," 
Levenson writes, “the only issue 
was where to put the disso- 
nances, the imperfections, im- 
posed by the arithmetic of 
sound.” That arithmetic de- 
manded that when major thirds 
are in agreement their octave 
will fall horridly out of tune, 
which is why Bach's clavier was 

4—. JH . - 


By Alan Truscott 


M AREK Szymanowski and 
Martin Lesnjewski were 


“well-tempered” — tuned just a 
bit out of tune to smooth out 
the arithmetic dissonance in- 
herent in those scales. 

_ With each step in this evolu- 
tion from Pythagorean organs 
through Stradivari cello to hy- 
per cello, Levenson argues that 
instruments provide us with a 
firmer scientific grip on a small- 
er piece of territory. 


Stephen S. HaU, whose most 
recent book is “ Mapping the 
Next Millennium, ’* wrote this for 
The Washington Post. 


I VA Martin Lesniewski were 
involved in a crucial appeal on 
the diagramed deal that had the 
potential to deprive them of the 
World Open Pairs title. 

They had played East and 
West against a Swedish pair 
that was probably fatigued. The 
first three bids woe natural us- 
ing a four-card major style, and 
the two-spade bid by North was 
artificial: It was a relay asking 
South to describe his distribu- 
tion, and three hearts promised 
a four-card spade suit 

Unfortunately North could 
not remember what three hearts 
meant in his system, and after a 
great deal of thought bid three 
no-tramp. South converted this 
to four hearts, and East-West 
summoned the tournament di- 
rector. He ruled that South had 
gained information from 
North's hesitation, and barred 
the final bid of four hearts. The 
result was therefore recorded as 
three no-trump down one. 


The Swedish player appealed 
this ruling, and a committee 
produced a Solomonic ruling, ft 
decided that there was an even- 
money chance that South would 
have bid four hearts without 
any hesitation, and that t#e 
players -should receive the aver* 
age of the score for making fo$r 
hearts and the score for failing 
in three no-trump. J 

NORTH (D) x 

4 A 7 £ 3 t 

'973 J 

O J10 

+ AQ9 7 3 • ' 

WEST F4<ST xA 

*10 6, .*** ‘i 

4 A K 7 5 2 *K843 J 

*K8«5 OQ983 l 

#K8«5 ,*1042 ? 


0 A K 7 5 2 l 

«■«” JJV . 8 2 

SOUTH * 10 * 2 * 

4 K J 9 8 a 

*7 A Q J ]0 9 S ® 

OtA , 

Both sides were vulnerable. T** 
bidding; t 

North East South Wert 

Pass Pass l n Paw 

2* Pass 20 . Pass 

2 * Pass 3 9 Pafit 7 

3 N.T. Pass A <? PaA 

Pa« Pass 'i 

West ted the diamond king. . 


— u. 

v, ' 




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For mom mformatton about the Index, a booklet Is avaBabto free of chatge. 

Write to Trib Mae, 181 Avenue Cheries da Quite, 32521 NeuSBy Codex, Franc a. 


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O IrtmstlonBl HanM Titww 


Prudential 


Criminal 


By Kurt fcjcfaenwald 

New York Times Service 

NEW YORK — After more 
than a year of investigation. 
Federal prosecutors are expect- 
ed to file a criminal complaint 
Thursday against Prudential 
Securities, alleging that the bro- 
kerage house engaged in a 
large-scale fraud in its sale of 
limited partnerships daring the 
1980s, people with knowledge 
of the inquiry said. 

While little seems to stand in 
the way of b ringing the com- 
plaint, people involved in the 
situation said that unanticipat- 
ed events could create last-min- 
ute snags delaying the filin g in 
Federal District Court in Man- 
hattan. Still, these sources said 
that, as erf Wednesday, there 
appeared to be no hitches. 

Under an agreement reached 
this month, the complaint will 
not be a formal indictment 
handed up by a grand jury for 
trial. TnsieaH J the government 
has agreed to defer prosecution 
for an expected year or more, 
essentially placing Prudential 
under something akin to volun- 
tary probation. 

If the firm is found to have 
violated the law before the peri- 
od ends, the prosecutors could 
bring an indictment with the 
same charges as the criminal 
complaint. 

Along with the criminal com- 
plaint, the government will file 
a from Prudential, 

which acknowledges wrongdo- 
ing at the firm in its sale of 
limited partnerships. 

Spokesmen for Prudential 
and the prosecutors declined to 
comment. 

Last year. Prudential settled 
civil fraud charges with federal 
and state securities regulators, 
agreeing to compensate the de- 
frauded investors. The scan- 
dal's cost to the company, in- 
cluding legaL .fees, is now^in 
excess. of Shi billion. -- 1 • -'* 


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International Herald Tribune, Thursday, October 27, 1994 


France Readies 
State Tobacco 
Company for Sale 

Government Seeks Price 
For Maker of Gauloises 

Reuters 

PARIS — France took the first step on Wednesday toward 
privatizing the 300-year-old state tobacco company, a move 
as politically symbolic as the decision to sell part of its stake 
in the automaker Renault. 

Finance Minister Edmond Alphand&ry said be had opened 
a competition for banks to advise on the value and sale price 
of Socafcti d’Exploitation Industrielle des Tabacs & des Allu- 
mettes, or SETTA. The company owns all France’s cigarette 
factories, which make the pungent Gauloises and Gitanes 
brands, and controls the distribution of all other brands. 

The cigarettes, packed with black tobacco, have been as 
much a part of the French national identity as the baguette or 
the bottle of red wine. 

SEITA was founded by Louis XTV’s finance minister, Jean- 
Baptiste Colbert, in the second half of the 17th c en tury. The 
company developed the Caporal brand for the French army 
firms the cheapest tobacco available. 

Financial analysts valued the company at between 7 billion 
and 8 bflhon francs ($1.37 billion to $1.57 billion). 

Mr. Alphand&ry declined to specify exactly when shares in 
the tobacco company would be sold. “I am only opening the 
selection procedure for the adviser banks,” he said. “I am not 
announcing the privatization today.” 

An industry source said SEITA could be sold in 1995, 
before the presidential elections in April and May. 

Mr. Alphand6ry also indicated the government intended to 
press ahead with its ambitious privatization plan despite the 
tumbling stock market He repeated his goal of quickly selling 
the insurance company Assurances Gentrales de France. 

“Personally, I would like AGF to be privatized as soon as 
possible — as soon as market conditions allow,” he said. 

Mr. Alphan dfcry said the process of choosing banks for the 
sale of SEITA would not change the timetab le for selling 


Page 9 


Ford Rides Recovery 
And Doubles Its Profit 


By Lawrence Malkin 

International Herald Tribune 

NEW YORK — Riding the 
worldwide recovery. Ford Mo- 
tor Co. reported Wednesday 
that its profit in the third quar- 
ter more than doubled, to SI. 12 
billion, and the carmaker ex- 
pects the good times to contin- 
ue rolling in America and Eu- 
rope. 

Although the third quarter 
fell short of the record of $1.71 
billion Tor the previous quarter, 
the figure was surprisingly 
strong for a quarter traditional- 
ly plagued by slow sales. It was 
bolstered not only by good U.S. 
business in minivans and pick- 
up trucks but a turnaround in 
Europe from loss to profit. 

Chairman Alexander Trot- 
man said the present U.S. eco- 
nomic cycle had “quite a bit of 
strength left,” and Ford’s chief 
finan cial officer said that unless 
U.S. interest rates rose dramati- 
cally, the recovery could last 
three to five years more. More- 
over, said Mr. Trotman, the Eu- 
ropean recovery was just get- 
ting started “and we expect to 


see continued improvements in 
most countries.” 

Wall Street analysts were 
uniformly impressed by Ford’s 
profit of SI. 04 a share, more 
than double the figure of 40 
cents last year. Ford stock was 
down 12.5 cents at S29.125. De- 
trail’s Big Three have together 
reported third-quarter profits 
of $2.3 billion, triple last year’s 
totaL 

For the investor, the news 
had a wider significance, said 
Vivian Lewis, editor of Global 
Investing, a newsletter that spe- 
cializes in international stocks. 

“Well-run multinationals in 
any country will profit hand- 
somely from the worldwide up- 
swing, and when the dollar 
turns around, European blue- 
chip companies that earn green- 
backs from their American op- 
erations will do very well 
indeed,” she said. 

Having spent almost a de- 
cade cutting costs and improv- 
ing quality as the fust of the Big 
Three to reform. Ford was best- 
positioned to capitalize on the 
auto industry’s classic econo- 
mies of scale when sales rose. 


and that is just what has hap- 
pened. Worldwide revenue in 
the third quarter came to 530.6 
billion, up 25 percent from a 
year earlier, and sales of cars 
and trucks rose from 1.3 million 
to 1.5 million units. 

U.S. automotive operations 
earned a record 5578 million, 
up from 5333 million, and those 
outside the United States made 
523 million, reversing a $261 
million loss in the third quarter 
of 1993. 

Profit was 525 million in Eu- 
rope alone, where Ford sepa- 
rates out the accounts of its Jag- 
uar subsidiary, which is 
recovering but still posting a 
loss. 

A year earlier. Ford of Eu- 
rope had a loss of 5217 million 
and Jaguar recorded a loss of 
5108 million, $65 million of 
which was for write-offs and 
layoffs. This year. Jaguar cut its 
loss to 553 million despite start- 
up costs for the redesigned XJ6 
sedan, which Ford hopes will 
pull its luxury British acquisi- 
tion out of the red during the 
current cyclical upturn. 


Boeing’s Profit Falls , Its Stock Rises 


Vil nin -W f- : : \ < II ■ rCTl i\ 1 1 ) 1 1 \ M J iT-T+- ■ V: i 1 « « i iTTVT 


said this month that he expected the sale to go forward in 
January or February. 

The government sold 50.24 percent of the largest insurance 
company in France, Union des Assurances de Paris, this year. 
That sale met with strong demand and raised about 19 billion 
francs. 

Mr. Alphandfry said the partial sale of Renault also was 
going well and that institutional investors had largely oversub- 
scribed their tranche. He said it was too early to give a firm 
indication of bow the marketing to private investors was going. 

The sale of Renault was controversial, sparking fears in 
France that the privatization would jeopardize jobs. The 
French government, which owned 79 percent of Renault, 

See FRANCE, Page 13 


Bloomberg Business News 

SEATTLE — Boeing Co. said Wednesday its 
third-quarter net income fell 2 percent. The re- 
sults exceeded analysts’ expectations despite re- 
cent delays in airplane orders from some of the 
world’s major airlines. 

Boeing posted a profit of $185 million, com- 
pared with $189 milli on a year earlier. Sales fell 
to $5.1 billion from $5.2 billion. 

Boeing shares rose 1230 cents to $43.25. 

The company said sales and earnings contin- 
ued to decline mostly because of fewer commer- 
cial airplane sales and, to a lesser degree, higher 
debt expenses and lower investment income. 

The decline was partially offset by the compa- 
ny's ability to lower its federal income tax rate to 
24.7 percent in the first nine months of this year 
from 31.6 percent in the year-earlier period. Its 
third-quarter tax rate was even lower, at 21 
percent 

Frank Shrontz, the company’s chairman, con- 
tinued to paint a bright picture for the airline 
industry and for Boeing, although its recovery 


might be further away than Boeing earlier 
anticipated. 

Boeing bad hoped by now to have large orders 
for aircraft from both Saudi Arabia and China, 
among others, but the slow recovery of the airline 
industry and the world economy has held those 
orders back. 

Saudi Arabia’s proposed order for about 60 
jetliners has been delayed for about five months, 
while Chinese govermnen i officials said Wednes- 
day that their airlines are losing money and any 
new plane purchases must be approved by gov- 
ernment officials. 

Mr. Shrontz said he expected the U.S. airline 
industry as a whole to record a net profit this 
year, ending several years of decline. 

He said the company expects 1994 sales to be 
around $213 billion. 15 percent below last 
year's. He also said sales were expected to be at 
“relatively low levels" throughout 1995. 

Gary Reich of Prudential Securities said the 
report was “very good because of higher airplane 
deliveries, a lower tax rate and lower research ; 
and development expenses." 


Talent Agency and 6 Baby Bells 9 Plot a Media Link 


By Bernard Weinraub 

New York Times Service 

LOS ANGH1.ES — The Creative Art- 
ists Agency and three regional Bell com- 
panies are expected as early as next week 
to f orm a venture that would offer video 
entertainment programming for tele- 
phone customers on the East and- West 
coasts, of the United States, movie-in- 
dustry executives say. 

The venture would involve Bell Atlan- 
tic Corp., Nynex Corp. and Pacific Tele- 
sis Group Inc, which have hired Mi- 
chael Ovitz, the most powerful talent 
agent in Hollywood, to organize an en- 
terprise that could provide movies and 
programming for as many as 46 million 
businesses and homes. 


Representatives of the agency and the 
three telephone companies are planning 
to work through the weekend to com- 
plete the deal. 

The planned collaboration would be 
the latest and biggest effort by the Baby 
Bells, or regional telephone companies, 
with their ample cash reserves to make 
competitive gains against cable systems 
by using phone lines running into homes 
and allowing millions of subscribers to 
call up interactive and entertainment 
services. 

On Tuesday. Sprint Corp- America’s 
third-largest long-distance carrier, and 
three of the country’s biggest cable tele- 
vision companies said they would jointly 
upgrade their existing networks, which 


seme neighborhoods with a total of 30 
million homes, to offer both wed and 
wireless telephone services. 

People involved in the negotiations 
said Tuesday that the entertainment 
programming service, which would op- 
erate by phone and be viewed on televi- 
sion screens, is to start on a small scale 
on the East Coast late next year and 
rapidly accelerate on both coasts in 

The three phone companies would 
put up at least $500 million to start the 
venture, in which the Creative Artists 
Agency would serve as strategic consul- 
tants. 

Federal Communications Commis- 
sion rules will require any Bell company 


to set up a programming company sepa- 
rate from its telephone services organi- 
zation in providing video this way. 

Under Mr. Ovitz’s plan, negotiators 
said, the phone companies and the agen- 
cy were selling up two new companies. 

One would develop and distribute 
programs and services — including 
movies, video on demand, home shop- 
ping, games, conventional television 
shows and interactive programs. The 
other company would provide the tech- 
nological skills crucial in expanding the 
venture. Creative Artists Agency is to 
advise both companies. 

What makes the deal unusual is that 
Mr. Ovitz and his agency’ are playing a 
See MEDIA, Page 13 


GE Faces Another Threat to Its Reputation in Antitrust Case 


By Richard Ringer 

New York Tuna Service 

NEW YORK — General 
Electric Co. has finally put its 
Kidder, Peabody & Co. fiasco 
behind it with the dedsioD to 
sell the troubled securities firm 
to PaineWebber Inc. But a 
problem potentially more dam- 
aging to GE*s reputation came 
on stage Wednesday in federal 
court here 

The Justice Department wiU 
begin making its case that GE, 
long considered one of Ameri- 
ca’s best-managed and most 
profitable companies, tried to 
increase profit in its industrial 
diamonds business by bidding 


Eurocurrency Pop o altB Oct 2 f 

Swiss French 

Dollar D M eri t Franc Sterling Franc Yen ECU 

I month PriS 4 3 «V-3 <*• S •*. Sv^St. 2 *-2 K. SW'i 

3 months 5 M >*w 5 vw-5 Y» 3**~« 5»-6 2U-2*fe 5 

Smooths SW SYrSV. fiW4 IMh 5% 2tt-2ft WW’A 

1 vc V SMtU 4’V4'fc 6 Vt. 6>4-64t 2 v»-2 ■». & “v* '»■ 

Sources: Reutn Uords Bonk. 

K u t atmHcnh l e to bdertank deposits of SI mlMon minimum lor equtvalonth 


I- (termer Per* 

- iiwtnm IS 9 W 
, AUM.I L 3 S 48 . 
■ Aodr.KML 10537 
tomfireal MS 
CMMMVM4 45113 
Czech ksnma 2M3 

DMA tow &M 
TtentHM UK 
Ftn-MridD 45kte 


C ur rency p * rS 
Greek Amc. 2MJ0 
Hong KoogS 7337 
Hoag, forint 10&55 
laritM ranee 3U3 
IndO. roptofl 2171.03 
IrfAS 042 

ta-MiiiMk. ion 

KrwBiSHr 02M3 
Malar. ri“0- 2SS0S 


Currency 
MeLMU 
iLZOfifsndS 
Norw. krone 
PUL peon 
PoHshxJety 
Port, escudo 
Ron. ruble : 
SaodT rival 
Stog.9 


Cnmncv F 
S.Afr.nnd 
S-Kor.won 
Sued, krona 
Taiwan C 
Tlwl baht 
TwtosbHra 
UAEtirttam 
Vene*. Whr. 


Key Homy Rates 

United Stotts Close 

Discount rate 400 

Pri me rate 7% 

Mend fond 540 

3+nanthCDs 449 

Coam. gaoer NO dan W 

3-raoaffi Treosmr bn <97 

Wear Treasury WO 5X5 

2-ytor Treasury note 589 

5+rear Treasury nete 7J4 

7-year Treawry note 75B 

14-reor Treasury note 7X9 

tenor Treonry bond UM 

Mmrte (.rad teday Ready ossel 429 


Irttete 

Book Imbk rate 
call money 
v+nOntO Interbank 
S +wteMertaoh 
4 month Interhank 
Tfrraorom 
France 

in te rvention role 
CoS money 
1 -mentt] in t er bank 

3- Booth tatertadi 

4- montfi Interbank 

15-year OAT 


S* » 
5% 

5 h Sr. 
un m 

IV 6N 
0X6 U4 

£50 5X0 

Sk 51V 
5*v Sh 
5 fc Sfi 
5* 5* 

8X8 0X2 






n~_ — ,y, f n i iii i currency today today Pi day 

gomdStarttv 1X33+ 1X329 Ceoodmn dollar 1X+P 13*7 1X*3 

rO+ntxhaawrt MM1 14998 ******* ven 9U7 9Mi 9U» 

fetu Franc 12322 T 25 » UW . . ijn ^ 

fTemdat; U#F (SDR). Other data from Reuters and AP, 


Discount rate 
Coll manor 
VAMife Interbank 
3+nonte Interbank 
Meath Interbank 
tenor gowma bead 
Do m any 
Lombard rate 
Cod money 
Vmoalb Interbank 
1 m o nth Mertaai 
s+HBtb latorbmX 
tenor Bond 


126 1« 
Zl? Z 19 
210 2tt 
2+» 2* 
2ft 2ft 
*34 OS 

6 M MB 
4.90 495 

5 X 0 . 5 X 0 
5 X 0 520 

532 530 

7 X 0 7 X 6 


Sources: Reuters. Bloomberg, Merrill 
Lynch. Bonk of Tokyo, Commerzbank. 
Gneemed Montagu. Cridlt Lyonnais. 

Gold 

ax*. pm. aive 

Zurich mn 309 X 0 -050 

London 36880 38&90 -030 

Mew York 390X0 391X0 - 030 

US. dohars oer ounce. London otficioltix- 
togs; Zurich end New York opening and aas- 
bv Prices; NM> York Cemex (December.) 
Source: Reuters. 


up prices in concert with its 
chief competitor. 

It and De Beers Ceoteoary 
AG, the Swiss affiliate of De 
Beers Consolidated Mines Ltd., 
control 90 percent of the $1 
billion market for synthetic dia- 
monds like those used on oil-rig 
drill bits and precision factory- 
cutting tools. 

What prompted the govern- 
ment’s attention were accusa- 
tions from a former GE execu- 
tive who once said GE and De 
Beers had fixed prices in 1991 
and 1992 when a worldwide re- 
cession should have kept prices 
down. 

The executive, Edward J. Rus- 


Lehman Fires 
Stock Analyst 
GarzareUi 

Ctmpikdby Our Ste# From Dispatches 

NEW YORK — Leh- 
man Brothers Holdings 
Inc. fired the stock strate- 
gist Elaine Garzarelli, best 
known for predicting the 
1987 stock market collapse, 
a company official said 
Wednesday. 

Ms. Garzardh, 47, a 10- 
year veteran of the firm, was 
dismissed because she and 
the unit she led, called sector 
analyas, were too expensive, 
the official said. 

Ms. Garzarelli earned a 
“seven-figure salary,” and 
her team of analysts re- 
quired expensive comput- 
ers, the official said. 

A Lehman Brothers 
spokesman said Ms. Gar- 
zarelli had “left by mutual 
consent." 

{Bloomberg, Reuters) 


sell, former chief of the GE su- 
perabrasives unit, which makes 
the diamonds, made the accusa- 
tions after GE said it dismissed 
him for poor performance. 

Mr. Russell contended be 
had been dismissed for blowing 
the whistle on the price-fixing 
scheme, but later recanted, say- 
ing in an affidavit that “during 
my entire employment at GE, I 
never had any personal knowl- 
edge of any antitrust wrongdo- 
ing.” He added: “I never had 


any personal knowledge of any 
other illegal conduct by GE 
personnel.” 

Both GE and the government 
have a lot riding on their han- 
dling of this case. For the Justice 
Department, it is (he first anti- 
trust case to go to trial in about 
two decades, and a victory 
would be an important symbol 
of the aggressive leadership of 
Anne K. Bingaman, the assistant 
attorney general for antitrust. 

For GE, the trial puts under a 


microscope the intensely com- 
petitive company’s business 
practices. If GE is found guilty 
of criminal conduct, it would be 
a very visible black eye. 

The case “goes to the heart of 
how they do business,” said Dan 
K. Webb, a former U.S. attorney 
who is defending the company. 
GE has denied any wrongdoing. 
While it announced price in- 
creases for diamonds during 

See GE. Page 13 



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Page 1 0 

market diary 




INTERNATIONAL HERALD TRIBUNE. THURSDAY* OCTOBER 27. 1994 


U.S./AT THE CLOSE 


V« AsMSieted Prm» 


Dow Jones Averages 


EUROPEAN FUTURES 


f ail to Lift Stocks 


Metals 


Dow Jones 


! Indus 386074 3870.10 3H3?*7 38*023 —036 

I Tram 14J3J33 1480*1 1447.76 147057 —336 

Util 177*9 177.96 177.04 177.04 — 0J9 


Came 1JS3J1 1384*9 1Z74*4 127S?7 —1*7 


Compiled by Our Staff From Dispatches 

NEW YORK — The stock 
™set was weaker Wednesday 
as strong earnings from a hand- 
nd oF companies were unable to 
offset concern about rising in- 
terest rates. 

Ute Dow Jones industrial av- 
erage finished down just 236 
points, at 3,84823, while de- 


U-S. Slocks 


clinic g issues outpaced advanc- 
ing ones by a 6-to-5 ratio on the 
New York Stock Exchange. 

The price of the benchmark 
30-year Treasury bond slipped 
6/32 point, to 93 21/32. talcing 
the yield up to S.06 percent 
from 8.04 percent Tuesday. 

Bond yields have been driven 
up by concern that U.S. eco- 
nomic growth has outstripped 
the Federal Reserve Board's ef- 
forts to curb inflation, which 
erodes the value of fixed-in- 
come securities. Expectations 
that the Fed is expected to raise 
interest rales again soon axe 
keeping bond traders nervous. 

Higher rates “are bolding the 
market hostage despite these 


PaineWebber. Ford, Procter & 
Gamble and Sara Lee were 
among the companies reporting 
earnings Wednesday that ex- 
ceeded analysts' expectations. 

The most actively traded is- 
sue on the Big Board was 
Sprint, which fell 1 to 3294 a day 
after announcing a venture with 
three major cable television op- 
erators to develop telephone 
service for local markets. 

Continental Airlines' B shares 
plunged 2% to 15 after its chief 
executive, Robert Ferguson, re- 
signed. The airline posted a 
small profit in the third quarter, 
reversing a loss in the year-earli- 



I Standard & Poor’s Indexes 


Industrials 

Transe. 

Utilities 
Finance 
SPSOO 
SP 100 


dose arse 
551.13 +1.41 
35722 — arc 
14&B4 —103 
4042 +aU 
442*2 +13 
42045 +089 


NYSE Indexes 


High Low Lo« 0*9. 


Composite 

industrials 

Tronso. 

umitv 

Finwice 


ZS4J& 253-31 253.91 *040 
MlJo 320.10 320.94 +0JO 
23am 228*4 72054 +0.02 
201 24 200*9 2003* —039 
20L16 20014 200.84 -035 


Close Previous 

Bid Aik Bid Ask 

ALUMINUM (HMl Grade) 

Dot Ian p«r metric ton 
Sool 1794JOO 179000 1714350 171750 

Forward W7M 181 8M 1741*0 17G.OO 

COPPER CATHODES (HMl Crude) 

Dollars nor metric ran 
Soot 2421*0 2422*0 2582*0 2583*0 

Forward 3438*0 2439*0 2X9*0 2570*0 

LEAD 

Dollars per metric ton 
5001 45650 65750 64450 64553 

Forward 47050 67150 459*0 659JC 

NICKEL 

Dalian per metric ton 

SOM 7205*0 7215*0 4945*0 4955*0 

Forward 7320*0 7325*0 7055*0 7060*0 

TIN 

Dollars per metric too 
Soot 5060*0 547000 5520*0 55=000 

Forward 5745*0 5750*0 $405*0 5410*0 

ZINC (Special High erode) 

DoHors per metric ion 

Soot 1099*0 1100*0 104559 104450 

Forward 1121*0 1122*0 idbloo 1089*0 


hib& Low Last Settle Cli’oc 

fig; £9 as S3 sag 

I iMiSSi 

K: «.T. 159*0 +»■» 

° £st. volume- im*S ■ O**" lo1 - 101 305 

1 ippi 
I S'Sliil 

£** uT NT. N.T. 1654 +0.17 
aS NT NT. N.T. I4J3 +0.17 
££ 1657 16.40 14-52 1652 +A17 


Est. volume: SJJ” ■ ft*" lnt - 157 - 7ff> 

Stock Indexes 


Financial 


A M 4 d A 9 0 
1094 ... 


NASDAQ Indexes 


High Low Close Change 
3-MONTH STERLING (LIFFE1 
fSOAOOO • Pts Of 100 FCt 


Kgti Low Last Ohl 


er period, but indicated it faced a 
difficult fourth quarter. 


NYSE Most Actives 


spectacular earnings.” said Mary 
C. Farrell market strategist at 


difficult fourth quarter. 

Marion Maxell Dow rose 1V& 
to 25%; the drug company's 12- 
percent drop in third -quarter 
earning s was not as severe as 
analysts expected. 

Tel&fonos de Mexico contin-- 
ued to suffer from poor earn- 
ings reported Tuesday. The 
phone company’s American de- 
positary receipts fell 1 to 56*8. 

U.S. Surgical dropped 2-% to 
23V* after reports suggested the 
company may not be a takeover 
target as had been rumored. 

(Bloomberg, AP) 



VoL 

High 

Low 

LO« 

CM. 

Sprint 

m 

33 

3144 

39V. 

—1 

RJR Nab 

71,. 


7 

+ 'm 

FordMs 

63791 

30 

!B!x 

29 •* 


Te+Mex 



56 

S61ta 

—1 

Phi'liMr 

41397 

<A<: 

62 K 

6341. 

+ (Ik 

RJR Of F 

32705 

7*. 

64k 


♦ %« 

GnMotr 

37X1 

41 U 

40VI 

4W* 

-<* 




47 ri 



CPsvc 

96906 

low 

9Vy 

10V. 

+ »» 

IBM 


74Vi 

TTVfc 

74 Vu 

+ w 

FtetODn 

iV.'i 

26ta 

26'^ 


■r Km 


■v. - .’x] 

39 

38 +k 

3B*u 

+ >+> 

IntGome 

22101 

19 

17V. 

ire 

— T* 

GenEls 

22051 


474+ 

4/\ 

-'/k 

us Sura 

21790 

talk 


23%. 

—74a 


Composite 

Industrie*} 

Bonks 

Insurance 

n nones 
Transp. 


742.16 759*6 7*116 +190 
77159 769 61 77144 +1.67 
735JS5 73249 733 47 —1*4 
91117 910*8 911*8 *0*8 
904*5 902.90 90634 +1*2 
499*2 *93*3 £95*3 —I JO 


AMEX Stock Index 


High Low Lad dig. 

+91 S3 45145 45333 • QjS 


Dow Jones Bond Averages 


France’s Offer of Help 
Buoys Fragile Dollar 


Pnhi 

Mdh/V 
MaC&fl & 

CISCOS 

Novell 

Towers 

Campuwr 

AsaenTc 

Uremore 

imel 

BuHeti 
5n apple 
MenlGr 
EpicOcs 
MO 


Host Actives 

ifiab 

Low 

Lost 

On- 1 

18 V* 

ire 

10Vk 

— 2”ta ! 


'Vu 

*Xr 

+-v B | 




+ lVu ' 

29 Sa 

zrv- 

29 

+ l'4i 

16 7 k 

I5te 

16+4 

+ 44 ; 

144S 

14 

14 


3844 

35* 

364+ 

—1 

li '-y 

im 

ire 


3M. 

!-V a 

3'N 


60 

59 

M 

+ l‘/u . 


10 

10+4 

— V. 

IS 

14 1% 

!4Mi 

♦ ta 

13>k 

ire 

IWu 

+ 1 run 

21 

19'/. 

Mk 


2244 

22 '-4 

72 k. 

-»k 


20 Bonds 
ia utilities 
ID Industrie] la 


Close CtTpe 

95.16 —0.18 

9041 + 0Jt5 

99.91 —042 


NYSE Diary 


Advanced 
Declined 
Unchanged 
Tote* issues 
New Highs 
New Lows 


1000 799 

1222 1408 

678 *87 

2900 7B94 

20 14 

18* 230 


AMEX Diary 


Bloomberg Business Newt 
NEW YORK — The dollar 
steadied just above its post- 
Worid War II low against the 
yen Wednesday after Finance 
Minister Edmond Alphandery 
said France was ready to help 
the United States support the 
dollar if necessary. 

The comments countered 
speculation that European cen- 


Fordgn Exchange 


-tml h anks were reluctant to 
spend more money supporting 
the U.S. currency after a costly 
and unsuccessful attempt to 


help it in June. 
The dollar clc 


The dollar closed Wednesday 
at 1.4911 Deutsche marks, 
down from 1.4967 DM in New 
York on Tuesday. It reached a 
two-year low of 1.4860 DM on 
Tuesday. 

It also was quoted at 96.83 


yen, up from a postwar low of 
96.42 yen set Tuesday and 


To subscribe in France 
fust call, toll free, 
05 437437 


steady from its close on Tues- 
day in New York. 

“People are nervous about 
intervention'' in the wake of 
Mr. Alphandery’s remarks and 
statements from U.S. Treasury 
officials last week that the Unit- 
ed States would buy dollars if 
necessary, said Amy Smith, se- 
nior currency strategist at 
IDEA, a consulting Firm. 

But she said she did not ex- 
pect central banks to mount a 
dollar rescue unless the currency 
tumbled to 1.45 DM or lower. 

In the meantime, traders said 
the dollar would have probably 
plummeted further in the ab- 
sence of any fears of interven- 
tion. 

Signs of slower economic 
growth helped the dollar a bit, 
dealers said. The currency 
firmed after the Commerce De- 
partment said durable-goods 
orders rose at a smaller-ihan- 
expected rate in September. 

Against other currencies, the 
dollar was quoted at 1-2420 
Swiss francs, down from 1.2492 
francs, and at 5.1035 French 
francs, down from 5.1225 
francs. The pound rose to 
SI. 6380 from SI. 6360. 


AMEX Most Actives 


Advanced 
Declined 
Unchanged 
Total issue* 
New Highs 
New Low* 


Mar nm 7251 9253 -0.W 

Jlfll 91.97 9|*8 91*9 —0*5 

Sep 9155 91.45 91,46 — 0*6 

Dec 91 JO met 9i.il -JSJ 

filter 90.94 70*5 90*4 - 0*5 

Jim 90.75 90*4 90*8 — 0*5 

Sep 9057 9048 905T — 0*3 

Dee Wj,i7 m39 90.41 —0*4 

Mar 90.42 90*3 90*4 — 0*8 

juw sax mm wji -w» 

S«p 90S 90*3 90) — 0*7 

Esf. volume: 56*58. Ooen ml.: 483J37. 
3-MONTH EURODOLLARS ILIFFE) 

SI mil Dun . pts oM80 Pd 
Dec H.T. N.T. 93.97 + 0*1 

Mar N.T. N.T. 9153 — 0* 

Job N.T. N.T. 9107 +0*1 

Sep N.T N.T. 9171 Uneh. 

Esf- volume: a Open Inr.: 4*71. 

3-MONTH EUROMARKS ILIFFE) 

DMi million - pis ol IDO pd 
Dee 94*5 9479 94*0 + 002 

Mar 94.49 94.42 9444 + 001 

Jon 94*7 94*0 94*3 +0*2 

•tan 93*0 9X40 «1*4 + 003 

DM 9130 937* 93*7 +003 

Mar 93*2 9190 9199 + 0.02 

jE 9278 7174 9173 +001 

Sep 9257 9152 *153 Unctv 

Dec 913V 9135 92J4 —0.01 

9128 9274 9123 -0*1 

JOB 9115 9111 92.12 — 001 

Sep 9100 9100 92*2 — 0.02 

EsJ. volume: 87*11 Open ini.: 4*1.101 
3-MONTH PIBOR (MATIF1 
FF5 million - pts of log pet „ 

DOC 94*3 94.19 94*1 +0*1 

Mar 9376 93.71 9372 +0*1 

Jun 9X35 nw WJ0 Unch- 

$60 •T2S6 92.90 91-JO —0*1 

DM 92*0 92J3 9253 — 0*2 

Mr 92*5 «12S 9229 — 0*2 

Jun 9116 92*8 9108-003 

Sep 92*1 9152 91.92 —0*5 

ESI. volume: 30388. Ooen ml.: 191.767. 


High Low Close Change 
FT5E 100 ILIFFE} 

ST-ET 29910 29910 

M? r 30565 3015* . 3014JJ ■ - >4* 

£ jt. voiumt: Open int.r 58.275. 

CAC« IMATIF) 

imoo + 9*0 

185000 1834*0 184000 +|50 

IW 186750 1644*0 1849*0 +»*C 

Nmr mOO 1581*0 1874*0 +9*0 

Jun NL N.T. 1859*0 +9*0 

sS NJ. N.T. 1881.00 + 9.00 

Esf. volume: 45.1 «*■ Open Ini.: 49*30. 

Sources: Motif. AswcMfctf 
London inn FlnanaOl Futures ExOnmue, 

Inf l Petroicvm Excnanae. 


SECHotLineforBoirntytateK y 

SStoSifS « 

Ss 3 ShT.-W!S=»=«a* 

leads to an enforcement action. 

Cost Cuts Help DuPont Profit Rise ■ 

WILMINGTON, Delaware (Bloomberg! 

Wednesday its third-quarter operating ^ , 

5650 million, reflecting cost cuts and growth in tnc ^ 

6.6 percent, to S9.8 bUUon. ^ charge 

or 

changes. These items resulted in a loss of 5680 nnlK n. 

Procter & Gamble Income Rises 18% 

~ o. r-. — «nid Wednesday 


Dividends 


BeorSteoms odlolA 
British Gas PLC 
Frees talc ConsGId 


Per Anil RTC Pay 
IRRE6ULAR 

llolA - *06 12-30 1-15 

C c 1*472 11-3 12-24 

iGkJ e *54 114 1-2 

d *4 11-7 11-14 

oe _ .10 ll-l 11-11 

>1 _ 1*17 12-1 12-30 

. M 11-7 11-2! 


Peooias Her iraae 

USX Corpodl pi - >* 

Wvs Find - X 

r-anvros amount per ADR. 
d-ctwnoe In eavmenl schedule. 

STOCK SPLIT 


CINCINNATI (AP) - Procter* 
its first-quarter net income jumped 18 percent, ti * •wH 

boosted bv higher sales and cost-control efforts. 

Thecompany that its worldwide sales had risen 8 percent, to 
58.16 billion, during the quarter. 

Busch Profit Rises on Premium Beer 

ST. LOUIS, Missouri (Bloomberg) — is 

said Wednesday that ihird-quaner profit rose 6 .“f™ 

operating profit a year earlier as its ice beers won a greater Nhare of 

th The e woS’s b SgStbrewer said it earned $329 
operations of $31 1 million a year ago. In 1993, a pretax ra>inict\n- j 
«r million nnd a S33 million charge for increased ? 


operations of 53 1 1 muuon a year ago. m i 

ingSiarge of $565 miUion and a $33 million ch^ge for ijjy««sed I 
dderred tax liability gave the company a loss of $44 million. J 


Cahjmel Bcs 3 for 2 sallf. 
HUBCO Inc 3 tar 2 SPlII. 
Parle Systems 2 lor 1 sold. 




+-0*1 






9172 

+-P.01 



9030 

Uneh. 



9090 


9060 

92*3 

9053 

— 0*2 


«02S 



9016 

9008 

92*8 

— 003 

9001 

91*2 

91.92 

>0*5 


Bk ol New Hama 
Oll-Bncshrs 
Eagle Find 
Houohian Mlftiui 

No) Ion shank 
Tomb rands 


Q .IS 12-1 12-15 
A *5 11-U 1-3 

O 71 11-15 12-1 


UUVI1VU -v p--- r- 

Tenneco Posts Better Quarterly Net 

HOUSTON (Bloomberg) — Tenneco Inc. said Wednesday it 
posted third-quarter earnings of $151 million, up 36 percent tram 
lh, «nnu> na»riod a vear aco. The company also said its automotive 


Q *25 11-9 11-a I 


50 12-2 12-22 

M 12-5 1M5 


posted uura-quaner earnings wjui «u.u V u, r 
the same period a year ago. The company also stud its autonuMive 
unit agreed to acquire Heinrich Gillet GmbH & Holding Co., a 
i is m.ifw -r ovlnnci wciemn and comoon c n t s, tor 


LONG GILT (UFFE> 

(SHOW - Pts A 32nte of in pet 
Dec 100-0* 99-06 «-10 —0-13 

Mar »J0 te-30 ^13 -0-13 

Esf. volume: 79590. Ooen lnt.: 100*00. 
GERMAN GOVERNMENT BUND (LIFFE1 
DM 250*00 -Ptl 0*100 pet 
Dec 89.06 BB54 B8+3 — 0.05 

fiter 88JM B7.77 8754 — 0.0* 

Ed. volume: 144.958. Open ini.: 187*01. 
10-YEAR FRENCH GOV. BONDS (fiAATIF) 


XO-LW 

Viacvrl 

Amdhl 

VocB 

ChevSHs 

Autko 

Echo Bay 

USBfasci 

GreyLne 

TWA via 


VoL 

HMl 

Low 

Lost 

ChO. 

9940 

IV), 

T'k 

re 

— 

9476 

Itt 

re 

re 

... 

7803 

10 

9»a 

10 

+ v« 

5819 

sat* 

38'k 

38t-i 

♦ *9) 

4166 

ire 

lOVa 

104) 

—v 4 

3789 

I'm 

l'y 

1V„ 

—Mi 

3768 

I3Vi 

12'. 

ire 

_i|j 

3691 

79k 

7'/» 

795 


3113 

2‘Vi4 

2V„ 

re 


2765 

l'V* 

I9„ 

re 



NASDAQ Diary 


Advanced 
Declined 
Unchanged 
Tala' iuiies 

New Highs 
New Lows 


Flrsl Midwest Fin - *75 12-15 1-5 

Hlehwgods Prom - *0 11-4 11-16 

*VF5 Bancoro - .10 11-4 11-30 1 

CORRECTION 

ChasE Smith ResRlv I M 11-1 »l-9 

Block Drug * 3 % 12-1 1-3 

1 -corrected amount of Initial payment, 
■(-repeating stock dividend reported Octahcr 
25. 

REGULAR 


FFSMM-pHof lOOpct „ „„ 

DK 110*4 109J8 10950 —072 

Mv 10876 108*8 10870 —072 

Jan 108.U 108.14 107.92 — 072 

Sen 10756 10756 10758 14-0758 

Esi. volume: 174,134. Ooen mt: 150541. 


Spot Commodities 


Market Salea 



Today 

Prev. 


4:90 

com. 

NYSE 

m ci 

39018 

Amp 

1011 

20*9 

Nasdaq 

284*4 

29061 


CamnnxStr Today 

Aluminum, lb 0*14 

Cooper electrolytic, lb 174 

Iron FOB. Ian 213*0 

Lead, ib □.« 

Sliver, Iroy oz 576 

Sleel (scrap), tan 127.00 

Tin. lb 3*08* 

Zinc lb 05397 


Industrials 


High Low Lost Settle Ch’ge 
GASOIL CIPE) 

U5. Conors per metric nn-lots of IN Ions 
Nov 15375 15250 15350 15175 +2*0 

Dec 15575 154.00 15450 15275 +175 

Jog 15650 155.75 156.00 15475 +1.7S 

Feb 15775 156.75 157.00 15575 +175 

Mar 15775 157*0 157.00 1557S +1.75 


Amoanc Com 
Amtr Elec Pwr 
Anheuser-Busch 
BB&T Find 
Bk Ol Montreal 
Crestar Fin 
DuPonl Co 
KonsasCity LI Insur 
Lyondell Petra 
Norondo Inc 
Orols Residential 
Piedmont Bk 
Polaroid Corp 
Prime Retail 


SecurltyCoo ind 
5trafton Monmiv 
Sturm Ruger 
TPW Inc 
USX US Steel 


o JJ 11-1 u-ii 

a *a ii-io 12 + 

O .40 11-9 12-9 

Q 79 12-1 12-15 

B 70 11-8 11-29 

Q .40 11-7 11-21 

Q AJ 11-15 12-14 

O 76 11-7 11-21 

Q 725 11-25 12-15 

g 75 11-25 12-15 

Q 78 11-4 11-15 

O .17 12-15 12-31 

Q .15 11-25 12-24 

Q 795 11-3 11-15 

_ .2125 11-7 11-18 

M .16 10-31 H-8 

O 70 12-1 12-15 

Q 70 11-11 >2-15 

Q 75 11-4 12-10 


o-arniaai; B-pavaMe In Canadian funds: m- 
monttitv: n-euorterlv; s-seml-aanual 


Speculative Buying Drives Metals to 4 -Year High 


unit agreed to acquire Heinncn umei umon « « 

leading German maker of exhaust systems and components, for 
$113 million. 

Revenue rose 5 percent to $3.29 btllioo. 

Tenneco said ii would combine Gillet with its Walker Manufac- 
turing Co., the world’s largest producer of automotive exhaust 
systems and components. 

Cost Cuts Buoy United Technologies 

HARTFORD, Connecticut (AP) — * United Technologies Corp. 
said Wednesday its earnings jumped 24 percent, to $194 million, 
in the third quarter as the aerospace conglomerate continued to 

cut costs. , T 

Sales rose 2 percent, to $5.25 billion. Revenue from UTCs 
commercial units, including Otis Elevator, Carrier air condition- 
ing systems and UT Automotive, rose l i percent. 

Garlic Price Leaves a Sour Taste .! 

WASHINGTON (Reuters) —The United States declared itself i 
the victim of a pungent Chinese trade menace Wednesday, aeons- J 
mg Beijing of dumping millions of pounds of garlic on the U JS. i 
market. < 

The U.S. International Trade Commission said China was- 
inflicting harm on domestic garlic growers by selling garlic at less * t 
than fair value. 0 


LONDON — Investment funds poured 
money into metals Wednesday, taking 
copper and aluminum prices to four-year 
highs amid expectations for a rebounding 
world economy to increase demand for 
raw materials. . 

Metals were seen as a haven, with the 
dollar reaching historic lows and bond 
markets afraid of inflation. 

Al uminum on the London Metal Ex- 
change traded above $1,800 per metric Lon 
for the first time in four years on prospects 


for buoyant construction-industry de- 
mand. 


Aluminum demand is predicted to grow 
be tween 6 percent and 8 percent. 

Aluminum prices also got a lift after a 
European industry source said output was 
likely to remain limited 

Copper also traded at a four-year high 
of $2,652 per ton. Copper, the staple of 
electric wiring, often is seen as a bellwether 
metaL 

Among precious metals, palladium. 


which is used by the car industry to make 
catalytic conveners, ran up to SI 58.25 per 
ounce, its highest since 1989. 

The metals boom also has gathered mo- 
mentum on trade and industry buying. The 


price of copperas risen 64 percent in the 
past year. Aluminum prices are up 76 per- 
cent. lead up 84 percent and nickel up 82 
percent. 

But softer crude oil, com and soybean 
prices win ease any inflationary impact, 
economists said. 


For the Record 

Cuba announced a new system of deregulated prices for sales of ‘ 
consumer goods as part of its cautious process of economic: 
reform. (Reuters) 

Sara Lee Corp. stock climbed $1,125 to $24 after the company • 
said it earned $165 million in its fust quarter ended Oct. 1, up 6.5 ; 
percent from the same period a year ago. ( Bloomberg ) ; 

Borden Inc. had a loss of $71.8 million from continuing opera- 
tions in the third quarter, compared to a profit of $8-54 million a ; 
year ago. Revenue rose 3.9 penxnt. to $1 .44 billion. (Bloomberg ) ; 

Park Communications Inc, a media company, said it agreed to • 
be sold to a private investor group led by Donald R. Tomlin and 
Gary Knapp for $7 1 1 .4 million. (Bloomberg) ? 


WORLD STOCK MARKETS 


U.S. FUTURES 


Stasai Season 
Hbn Low 


Open Man low CSne Chn OpJn* 


Swan Season 
Hi0ll Low 


Open NW Low Oas* dig Op.M 


Agenda tea Prone Oct. 20 


Via Auecatid Prati 


Amsterdam 


ABN Amro HM 

ACF Hoidins 

Aegon 

Ahold 

Akzo Nobc-l 

AMEV 

BolvWnaanon 

C5M 

□SM 

Elsevier 

Fo lexer 

Gtat-Broaxtei 

HBG 

Xtinaken 
Hoopovero 
Hunter Douglas 
IHC Colond 
Hirer Mueller 
Int i Nedcrund 
KLM 
KNPBT 
KPN 
Nedllovd 
Oc» Grinten 
Pakhoed 
Philip! 

Polygram 

Rebera 

Rodamco 

RoHnco 

Roronto 

Roval Dutch 

Stork 

Unilever 

van Ommeren 

VNU 

Wotlers/Khmer 


Rlwlnmetall 

Scherlng 

Siemens 

Thvssen 

vorta 

Veda 

VEW 

viog 

Volksvragen 
Wei 10 

DAX Index : 


244247*0 
970 9S1 

61640770 
28270 27470 
309 301 

4*7 485 

378 170 

44770 459 

434*043470 
1000 1010 


Previous : 1 
F« Index : 


Helsinki 


Amer-YWvmo 

Enso-Gutzell 

Huhtamaki 

ILQ.P. 

Kymmene 

Metro 

Nokia 

Polilola 

Repaid 

Stockmann 


104 104 

40.40 4074) 
143 144 

873 *.7a 
127 127 
14« 143 

482 662 

72 70 

94 95 

240 252 


Flsons 

Forte 

GEC 

Gen l Act 
Glaxo 
I Grand Mel 
GRE 
Guinness 
GU5 
Hanson 
Mllhdown 
HSBC Hidas 

ici 

incncape 
Kingfisher 
Lod broke 
Land Sec 
Loporte 
Lasmo 

Legal Gen Grp 
Lloyds Bank 
Marks 5p 
MEPC 
Natl Power 
Nat West 
NlhWst Water 


Montreal 


AtcoLM l 
Bonk Montreal 
BCE Mobile Com 
Cdn Tire a 
C dnUttlA 


Cascades 
Crown* la 


Crown* Inc 
CT Flp l Svc 
G« Metre 
GlWesI Ufeco 
Beta inn Bcp 
Hudson’s Boy Co 
irmsco Ltd 
Investors Grp Inc 
Labor! (John) 
Lohlawcas 
Mol son a 

Natl 8k Canada 
Oshmwj A 


13<+ 13V. I 
244b 24U 
404k 4046 
live ms 
24U 24% 
8 7”a 
1T»S 17% 
18 18 
irw i2w 

20 vs OTA 
1TIS WVi 
26 2446 
38*4 38U, 
16 16 
20SS 2046 

aw 21 

21Vi 21 V6 
9v* 9 

I9W 18%, 


1.16 1.15 
275 274 
13-60 1170 
970 970 
9*0 970 
Z49 2A9 
2840 2470 
2*5 2*3 
372 3.18 
5.08 5.10 
3*4 3.92 
4*4 476 
172 172 
16 15.70 
1*4 3*2 
Straits Times index: 235779 
Previous : 236254 


Stockholm 


Shlmazu 
Shine Iso diem 
Sony 

Sumitomo Bk 
Sumitomo Chem 
Sum I Marine 
Sumitomo Metal 
Tcdsri Corp 
TakedaChem 
TDK 
Tell in 

Tokyo Marine 
Tokyo Elec Pw 
Toppan Printing 
Taravlnd. 
Toshiba 
Toyota _ 
YamottJil Sec 
a: x IM. 


Close Prev. 
707 714 

2050 2060 
5810 5780 
1810 1B20 
562 555 

875 870 

344 341 

*45 455 

1190 1180 
4440 4570 
571 570 

1130 1130 
2820 2810 
1420 1410 
763 740 

758 751 
2100 2080 
734 734 


5easan Season 
ttgh Low 


Open High Low Case Chg CV.lnl 


12*7 10*1 Mar 96 

11*0 1I.1IMOV96 11*0 11.00 11*0 

11.U 11.70 Jul 96 

Ed. sales 13,188 Toe'S 9,720 

Tue's open ini 1 47*97 up 342 

COCOA (NCSE) rOfnffTCtonv-SBorkin 


*0.11 1*42 
-0.11 « 
MLll 5 


Pancan Peirolm 40% eow 


Power Corn 
Power Fln'i 
Quebecer B 


18U 18U 
281* 2flls 
1512 16 




rS5iS£:i£a 5 


Brussels 


Almanil 
Arbed 
Barca 
BBL 
Bekoert 
CBR 
CMB 
CNP 
Cocker! 1 1 
Cobepa 

CMruvt 

Del ha be 
Electro Pel 

Electron na 

Fort Is AG 
GIB 
GBL 
Gevaert 
Glaverbel 
immobel 
Krodletaonk 
Mtnane 
petroflna 
Powerfln 
Rectlcel , 
Ravoie Beige 
Sac Gen Bnntjue 
SocGenBetokwe 
Safina 
Satvav 

Tessenderio 
Trocfehel 
UCB , . 

Union Mlnlere 

waooraUts 


Hong Kong 

3isn 
1175 
35*0 
39.40 

iais 

13*0 
5470 


1075 
15*0 
1060 
3^70 
19.95 
6275 
29*5 
14.75 
9*0 
18*0 
wan 
5+25 
375 
5550 
>0 
4.15 

-1675 
9.95 
iaio 

Maw”” 1 


P&O 
Pllklngton 
Power Gen 
Prudential 
Rank Org 
Reckltt Col 
Redkind 
Reed Inll 
Reuters 
RMC Groua 
Rons Ravce 
Rothnin I unit) 

Roval Scot 
RTZ 

Salnsburv 
Seal Newcas 
Seal Power 
Sears 

Severn Trent 
Shell 
Slew 

Smith Nephew 

5mi th 1C line B 
Smith (WH) 

5wn Allfance 
Tote & Lvle 
Tesco 
Thorn EMI 
Tamklns 
T5B Group 
Unilever 
Did Biscuits 
Vodafone 
war Loan 3<n 
Wellcome 
Whitbread 

Williams Hdgs 
WlUls Corroon 
FT 28 Index: 2298*8 
PrevnsBj2»Ln 
FT-5B 198 Mil : 2999*0 


Ropers Comm 8 iw« la'll 


Rovot Bk Cda 


Sears Canada Inc Bvs bvs 


Shell caa a 
S outham Inc 
Stelen A 
Triton PlnTA 


44SS 44 
tSV. 16 
9 

370 170 




Johannesburg 


Madrid 


2775 27*0 
100 1M 


Angle Arner 23X5023fc5a 
DortwS 3175 3175 


BBV 3170 3170 

Bco Central HiSP. 2990 7? 75 
Banco Santander 5010 «6S 


Oiyvoor 

Buffets 

De Beers 

Drlefonleln 

Gencor 

GFSA 

HarmortV 


NA NA 
50 SJ 
9B50 m 
6675 66*5 
14*0 MAS 
NA 125 
4175 a 


Frankfurt 


HlghveM Steel 3275 Xtis 


Baneslo 

CEPSA 

Dragados 

Endesa 

Ercros 

iberaraia 

Repsot 

Tabaailero 

Telefonica 


AEG _ 

Alcatel SEL 

AiUaraHoM 

Altana 

Asko 

BASF 

Bayer 

Bay.Hvpo bank 
Bav VeretasOk 
E®C 

BHF Bank 
BMW __ „ 

Commerzbank 

Cwitmemal 
Daimler Benz 
DesxrtSQ 

Dt Babcock 
Deutsche Bonk 
Douglas 
DresdnerBank 
Feldmuchfc 
F Krupa Hoeseh 


NedxmkGrp 3250 3275 
Randtanteln 43*0 4475 


833 849 

3115 3125 
1780 1745 
5520 5500 
147 145 
80S B09 

3860 3850 
3400 3330 
1645 1650 
dex: 28878 


Accor 
Air Lkuridc 
Alcatel A is thorn 
Axa 

Bancalre(Cte) 

BIC 

BNP 

Bouvgues 

Danone 

Carrefour 

CCF. 

Coras 
Chorprurs 
Clmenni Franc 
CluDMCd 
Elf-Aaudalne 
Euro Disney 
Gen. Eoujc 
H avas 
Imetal 

Lata roe Cappee 
Learond 
Lvan. Eoux 
Oreal (LT 
UVJS6.H. 
wiarra-Hocnetle 
Micheitn B 
.Motfilnev 

Paribas 
Pechlnev InH 
Pernod- Rlcord 
Peugeot 
Plrraun Prfnl 
Radlofechnkiue 
Rh-Poulenc A 
Rod. St, Louis 
Sanofl 

Saint Gobatn 
$£.B. 

Ste Generate 
Sue* 

Thomwjn-CSF 

Total 

UAP. 

Valeo 


AGA 
Asea AF 
Aslra AF 
Altos Copco 
Electrolux B 
Ericsson 
Esseite-A 
Hondelsbonk 8F 
Investor BF 
Norsk Hydro 
Pharmacia AF 
SaiKMk B 
SCA-A 

S-E Banked AF 
Skondta F 
SJcausfcaHF 
SKF BF 
5tor 0 AF 
Trelleborg BF 
Volvo BF 
AHaersvatrtden : 184977 
Previous : 185779 


Toronto 


Sydney 


BHP 

Borat 

BougalnvHle 
Coles Mver 

Comaico 

CRA 

CSR 

Fosters Brew 
Goodrrm Field 
ICI AuiJralta 

Magellan 

MIM 


Nat Aust Bank 10*8 


News Cora Ol 

Nine Network 3*a 

N Broken Hill 376 

Ptsc Dunlop 4.04 

Pionee r Inrt 119 

Nmndv Posektan 243 

OCT Resources 1*5 

5anlos 3.98 

TNT 277 

Western Mining 824 

Westaac Banking 4*1 

WoadsWe 5*4 


Tokyo 


BSSffl 


RuSDlat 114*011575 

SA Brews 9175 9275 

SI Helena 49 

5B301 3575 35J0 

Western Deeu 225 W 

Composite tadex : 5TOU8 
Previous : 5739,13 


Sao Paulo 


London 


Hotancm 
Horten 
IWKA 
Kail Sot 
Karstadt 
Kaufhaf 

khd , u 

KtoecknerWerKe 135 
Unde 843 

Urfthgraa IBS 

MAN 394*0 

fiAannamann 389' 

MetaiiaeseU 148 

MuenchRucck a 720 2745 

Porsche 433 640 

Piwhm 442 431 

PWA 231*0 m 

RWC 4«lS Ml 


Abbey Nan 4*7 

I Allied Lvons 576 

Aria Wiggins 2*7 

Argyll Gratia 2*7 

Ass Brir Foods 573 

BAA 4.93 

BAe 4*4 

BankScoltond 1*5 

Barclays 570 

Bats 5*0 

BAT 4.14 

BET 1*7 

Blue Circle 275 

BOCGraup 4*0 

Book 571 

Bawalcr 4*5 

BP 4.14 


Altoanxa IS320 (4910 

Ass Italic 11500 11500 

Autoslrade prtv T599 !S90 
Beo Aartcotluro 2400 2550 
Bco Commer Ital 3485 3550 
Bca Nor Lovorn 11900 11890 
Bco POP Novara 7750 7831 
Banco dl Romo 1595 1546 
Bco Ambrestono 3905 3845 
Bco Napoli rl» 1088 10X5 
Benetton 19800 195W 

Crodito Ital lana 1620 1642 
Erncnem Aug 2950 2940 
Ferfln 11S1 1190 

FlOtfoa 5995 5950 

FtoanzAsralnd 9500 9320 
Finmeccanica 1270 125 
Fondlorla spa 10930 1DB00 


Banco da Brasil 16J0 16*0 

Banesno 8*9 871 

Bradesco 8*1 7*9 

Brahma 28201 27S 

CemJg 83 79 

Etetrotoras 299 285 

Itauoanco 240 255 

Light 315 299 

Parana panema 11*0 11.12 

Petrobrss 131 128, 

5puw Crur 7S10 7500 

Teiebrw 4i*p 3970 

TfteSS 414 413 

Usiminas 1*8 1*8 


7510 7500 
41*0 3970 
414 413 

1*8 1*8 


Vole Rig OOC8 144*0 144 
Vo rig 185 185 


Generali A«lc 34700 34N0 


Bril Alrwavs 3*5 


Bell Gas 
Brn steel 


Bril Telecom 378 


BTR 

am f» wire 


1FIL 

Italcemantt 

1 taigas 

Medtebanca 

Manioaison 

Olivetti 

Pirelli SPa 

RAS 

Rlmscente 


4475 4525 
13470 12450 
1197 1195 
1752 1794 
2225 2235 
17750 17792 
8245 8175 


Singapore 

Asia Pat Brew 17.10 1A90 
Corebos 8*0 8.15 

Qty Develapmnl 870 870 
Cycle H, Carriage 13*0 13*0 
DBS 10.90 11 

DBS Land *=’" 




Cadbury Sch 4*4 


Co radon 2*1 

Coala Vtvolta 1.91 

Comm union 5*2 


Cqurioukta 

ECC GRMP 132 

Entorartao 011 374 

Eurotunnel ajo 


Son Fowo Torino 8845 8750 

SIP 4090 3990 

SME 4055 4015 

Snlo bpd 1842 18M 

StoMO 31800 360® 

SM! 4405 4350 

Toro Assk; 2350022850 

I MIB TelawtallCT! 9778 
I P r evious : 9750 


Fraser & Neave 
Gt Eostn Ule « tM 
Hong Legng Fin 4*4 4*4 
Ineheobe 5*5 5*5 

Jurong Shipyard 13.10 12*0 
Kay H>mi J Cdpet i*« 1.94 
Keapei 1U0 12*9 

Natrieei 136 as* 

sum rune orient 232 2*6 
©CaCtaroton I5*0 15*9 
O-seos union Bk 7*0 7*5 
ohms union Enl 9*0 9*0 
SembWMno 1170 1170 


Akgl Elecir 
AsoM Cttemlcot 
AMU Gloss 
Bankol Tokyo 
Brlaoestone 
Conan 
Casio 

Dal Nippon Print 
Dcintj House 
Datwa Securities 
Fanuc 
Full Bank 
Full Phale 
Fulttsu 
Hitachi 
Hitachi Cobte 
Honda 
1 to Yokado 
Itochu 

Jooan Airlines 
Kallmo 
Kami Power 
Kawasaki Steel 
Kirin Brewerv 
Komatsu 
Kubota 
Kyocera 
Matsu Etec inds 
Matsu Eiecwks 
Miisublshl Bk 
Mil sub Chemical 
Mitsubishi Elec 
Mitsubishi Hev 
IwitsuDishi Cora 
Mitsui and Co 
Mitsui Marine 
MltSUkrOShl 
Mitsumi 
NEC 

NGK insulators 
Nlhko Securities 
Nippon Kooaku 
Nippon OU 
Nippon 5tee< 
Nippon Yusen 
Nissan 
Nomura Sec 
NTT 

Olympus gpttesi 
Pioneer. 

Ricoh 
Sanyo Elec 
Sham 


415 429 

744 76 0 
1258 1240 
1470 1500 
15SO 1570 
1770 1750 
1250 1240 
1810 1830 
1368 1360 
1340 1390 
A ta ri 4450 
2150 2140 
2290 2270 
1000 1080 
993 969 
825 839 
1490 1718 
5180 5220 

737 742 

72S 734 

941 951 

2450 2450 

437 438 

1150 1140 
905 904 
730 723 

7220 7190 
1590 1610 
1050 1050 
2410 2430 ' 
556 555 

725 m 

770 768 

T270 1290 
855 847 

738 726 

965 942 
1390 1480 
1300 1200 
1010 1010 
1100 10*0 
981 965 

487 485 
392 389 

Off S2i 

825 832 

I960 1990 


AbHari Price 
Air Canada 
Alberta Energy 
Alcan Aluminum 
Amer Barrie* 
Avenor 

Bk Nova Scotia 
BCE 

BC Telecomm 
BambanJMr B 
Bromaiea 
Brascan A 
Comeco 
CIBC 

Cdn Natural Res 
Cdn Occid Pei 
Cdn Pacific 
Cascades Potter 
Camlnco 
Consumers Gas 
Dafosco 
Daman Ind B 
Du Pan! Cda A 
Echo Bay Mines 
Empire Co. A 
Falconbridge 
Fletcher ChaU a 
F ranco Nevada 
Guardian Cap A 

HemtoGoU 
Horsham 
Imperial Oil 
inco 

I PL Energy 
LaM law A 
LaidtawB 
Loewen Grou) 
London Insur Gp 
Macmlll Bloedel 
Magna inf / a 
(M aple Leaf Fds 
Moore 

newer tape Netw 
NorandO Inc 
Norando Forest 
Norcen Energy 
Nthern Telecom 
Nava 
One* 

Petra Canada 
Placer Dome 
Potash Cora Sask 
Proviso 
PWA 

Quebecor Print 
Renaissance Env 
Rio Ataam 
Seagram Co 


Stone Cd rapid 
Talisman Env 
Teleo tobe 
Telus 
Thomson 
TorDom Bonk 
Transalta 
TransCdaPipe 
Utd Dominion 
Uld Westburne 
Wntaxoi Enr 
Weston 

Xerox Canada B 




Zurich 


Atfla inn b 212 212 
A I wauls* B new 619 a31 
§§ c gram Bpv B 1054 1039 


1090 1080 
2440 2500 
950 MS 
580 S7B 
1780 1780 


t#WT m IIM ■IDT 

CRn Gelav B 735 733 
CS Holdlnes B 537 sso 
EJeJrtraw S 322 327 

FKChcrB i«s i4, 5 

IntaTOlKOunl B 7 953 i960 
Jslmoll B 850 851 

Landis Gvr R 720 725 

Moevenpick b 399 399 

Nestle R 1T44 1^ 

Oerllk, Buehrie R 174*0 127 
PWMftHIdJ 1400 1410 
gnchSHdo PC 5510 5510 
igraRepubllc „ 

|SETp e £ B « IS 

Sunw IllMee B 1730 I4W 
Swiss Br* Cora B 364 365 
fWgjAWpwR TH 7M 

5jetewlr R 825 825 

UBS B nx mt 

Winterthur B 409 6§ 
Zurich ASS B NA H44 

.morn 



Grains 










4 M'S 

197 r. 

401 

+ 001 

30980 



414 

4M79, 

411 

+ 0JW* 23*ta 

198 Vl 

il6ikMa/95 3*5 

188 

083 

105 V, 


4.193 




ISl'N 

052 0MV, 

9.750 

3*5 

3*1 v, Sen 95 3*6 '/i 

157 

3*6 Vi 

156'-: 


232 


3*5 Dec 95 164 

065 

164 

3*5 

— 000". 



039 Jul 9e 






14*00 Tuo-twUes 16.095 









WHEAT 

(ROOT] MOUbu mnrrwn- eaues-i ear twm+l 



4J3'A 

11 2 “i Dec 94 407 

411 

406 


-000 * 19,276 

4274. 

125 Mar« 411 

415 

4IO'.y 

41146—0*0’* 

13,459 


301Vtfiikr/7S 3*9 

0*2 

3*9 

350 

-ax’* 

1*<3 


J.16Vi Jul J5 3*7 V] 

3*0 

057V, 

3*0 

-001 

1744 


029 SeoW 



060 W— 0 01 

79 

149 Vi 

160 Vi Dec 95 




4 


4*47 





Tue's open int 37,975 up 473 





CORN (CBOT) WMOburrvrrarTiwT>-<to*i^prrbv^ 



077 

2.13V. Dec 94 015 

016 

014V. 

015 — OX V. 171,728 

082 Vi 

U3VilMar9j 236'.. 

027 V. 

026 


*0.00 ’a 59,135 

2*5 

2JBViMav«5 034'. 

205V, 

034 

035 


25.148 

085 '•i 

2J5MJUI9S 040 

241'. 

0« 


HMR'A 79*20 




145’. 





015V, Doc 95 2*0 

051 

2*0 

05OV. 


13.138 

2*8 

050% Mar W 2*6*4 

057'i 

l«’4 

057‘i tax’/j 

254 

065 

055% Jul 96 





418 

Ejt. sates 15*00 Tue'5. seta 25,772 




Tub's £wao int 252,137 ud 506 







7J7i*i 

126UNOV94 5JB 

049'h 

5*5 

3X 



7JM 

037% Jon W 5J9V5 

061V, 

5*7 

5*0 

- 0*0' 40*48 

7*5 

547 1 /'. Marta 5*9 

071 Vi 

5*7 v. 

570 



7A5Vi 

5*4 MOV95 5J7V; 

079Vj 

ure 



10*75 

7.06 V, 

063 Vi Jul 95 083' k 

085V. 

082 

5*4 V. 

+ 0*0% 17*46 

017 

5*6'.'jAubW 5*7 

SffiV, 

5*6 


1,199 

015 

071 5W95 0UV: 

090 

087 

088'-i — 000*. 

45) 

6*0 Vi 

07B'VNov« 09T/5 

099 

i»'.: 

098V, -OflOv. 

7*73 

007V, 

6*0 Jan 96 



606 



021 

099'iJulM 



WlBVk— 001 9, 

27 

Est. soles 31. OX Tub's, sates 42*70 




Tue's ooen ird 142401# off 491 





SOYBEAN MEAL I CBOT) lOOtofb-Enaamw ren 



20980 

160J0DBCM 16130 

163*0 

16070 

16090 


207*0 

161. 90 Jm 95 16430 

164*0 

16190 

164.10 

—070 17*48 

207*0 

16490 Mar 95 167JU 

157.X 

167 JO 

167*0 


M7*0 

167.X Mav 95 171.X 

171 X 

170X 

17070 

—070 




171X 

174X 




182*0 

170HAug95 17020 

176*0 

176*0 

176*0 





17HJD 

177*0 

177*0 



181*0 

175*00095 179*0 

179*0 

179*0 

179*0 

-070 

0430 

18400 

176*0 Dec 95 I80X 

182*0 

ism 





Jan 76 



181.90 

—0.90 

1 

EsLscta 10*00 Tue’s sales 10*32 




Tue'S open lnt 94.819 o« 1536 





SOYBEAN OIL (CBOT) «ux»tos-daamp«r IO0B» 



2A.B7 



2071 





2010 

74*5 

2008 


2030 

2091 Mar 95 2443 

74 65 

24X 

2463 



2083 Mav 95 2412 






27*5 

2076 Jul 95 2153 

2412 

2393 

7408 

+ 017 

7*82 

27*0 

2073 Aug 95 2195 

34*7 

2095 

2405 



2475 





+017 

1.570 

23*8 


23.95 

23*8 

23*8 

+ 013 

1.570 


Z2*0Dec?S 2090 

2195 

ZL90 




2175 

2075 Jot 96 



2087 

+ 0.12 






Tub's aeon lnt 







Livestock 




CATTLE 

' (CMER) «UJWBv- 





74J0 

47*0 Dec 94 49.70 

69*5 




30,59) 

7425 

S085FeOW 68*7 

HHA7 

6037 

6050 


75.10 

£7*7 Apr 75 MJC 

6095 

6077 

XX 



49 JO 

6420 Jufl 93 6035 

65*0 

6530 

*5.47 

+ 0 10 

4,085 

68.10 

63*0 AW 95 66*0 

64*5 

64X 

6447 

+005 

1-381 

67*5 

642000 95 



65J0 

+ 005 

256 

M*S 

«*SPec» 



66*5 


2 

Esi. SOUS 7*83 Tue's. sales 

I0»l 





Tue's ooen nt 69J84 up D 
FEEDER CATTLE (CMER) 


perto 



1135 

709500 « 72*5 

72*0 

72*7 

72*7 

-0.10 

1,169 

HU 

71J5Nav94 74*0 

74SS 

7415 

’422 


■uw 

8095 

71*0 Jon « 74X 

7443 

7410 

7412 

-020 

7*74 


70.35 Mor 95 7145 

72*2 

7035 

n i7 

—018 

W? 

7090 

701OApr7S 71*0 

/l.ta 

/I*!, 

71*5 

—025 

497 

7030 

62*0 Mav 95 71*0 

71*5 

71*2 

71*0 

—030 

335 

73*5 

69 *a Aug 95 71*0 

71*8 

71*0 

71 JO 


IX 

mn 

69.X Sen 96 



7080 


13 

Etf.stta 1*23 Tue's. solas 
Tue’s ooen ini 0,701 oil 3*7 

2*52 





NOGS (CMEflJ +M»ls.-«ri)P9rit 





5050 

JZJODecta 33*0 

3183 

H.2S 

33 75 

+035 18*52 

5DJM 

35*5 Fob 95 36*0 

36*7 

36*7 

36X 


7*41 

48*0 

3010 ACT 95 3085 

-37.15 

36-85 

3--J8 

» 0 J 0 

4*56 

67*0 

41*7 JOT 95 4012 

42JQ 

41.90 

4027 

+ 017 

1*71 

45*0 


4027 

4005 

4027 


544 

63*0 

41.15Aug9j 41-75 

4l.fi 

41*0 

41*5 

+ 0*5 

339 

40 JC 

38*000 95 38*5 






4125 

39.00 Dec 9 J 39*7 

39*5 

39*5 

39*5 

+ 025 

35 

42*0 

60KFeP96 42*0 

42*0 


•OJB 



ED. sates <.123 Tue's. sates 

6*42 





Tue'stJPenuit 30941 up 281 





PORK BELLI E5 (CMER) Joaoo iti.- cW»o-- s. 



6005 

37*0 Fee 95 3940 

XI? 

39J7 

3+.M 



U30 

J7*o Mar 95 39*7 

XJ5 

39 J5 

X.02 

•OJJ 

998 



41.45 





54*0 

39.85 Jul 95 41 J5 

4145 

4130 

6170 

-030 

301 

44*0 

3075Aug» 





£6 

Esi. sales 1*11 Tue’s uta 

IJX 





Tue's o« 

mM 10*77 off 16 







1041 Dec 94 1317 1349 1310 

1077 Mar 95 I3s2 1391 135S 

1071 MOV 95 1410 1419 LB5 

1925 Jut 95 1412 1418 1418 

1288 SOP »5 14C 1442 Mri 

1790D«:95 1470 1470 1470 

13jDM«r*» 

■ 225 May 96 1540 1542 I M0 


1642 1 225 May 96 15« 15*2 1540 

Jul 96 

Eli. KteS 7*42 Toe'S, soles 4,730 
TiWsottenlnt n*35 otf 162 
ORANGE juras IlfCTNI is*aam.- obusmt o 
moo 6400NOV94 103.70 10S.W 10110 

132*0 89*0 Jon 95 107*0 110*5 107 JB 

124*5 9Jffl)AAtjr9S 111*0 111 JO 110*0 

120.00 97*0 Mav 95 114*5 114.10 114*5 

12200 10050 Jul 95 11100 I19JI0 119.00 

12100 107*5 Sep 95 121.00 171 AO 1 21. 00 

124*0 109 00 Nov 95 

127 00 10530 Jan 96 

Mar 96 

EN.sries NA. Tue’vstSes 3*89 

Tub's open int 24.553 off 235 


* 15 27.158 
+ 14 23*49 
HO 8,117 
+ 17 1031 
+ 17 1*62 
+ 17 4,988 
+ 17 3.913 
+ 17 344 

+ 17 II 


• 105 3,747 
-135 11,722 
.3*5 5.2ZB 
+ 115 1.398 
+ 125 845 

+120 543 

+ 110 1.148 
+ 110 402 

+ 110 


Metals 


HI GRADE COPPER (NCMX) SMn-iwiiwt. 


122 10 75*00+294 123J0 12190 122*0 1ZJ55 

119*0 77.75NOV94 122*0 12100 122*0 122*0 

120*0 75,75 DOC 94 171.60 122*0 120*5 122.00 

119*0 76.90 Jan 95 121*0 121.70 121*0 T71J0 

117.70 7100 Ft* 95 120.00 12010 125.00 120*0 

118 40 7100 Mu’ 95 119.50 120*0 118*5 119.75 

>16*0 91.10 Aar 95 118*0 

116.10 >6*5 May 95 117*0 117*0 117*0 117*5 

115*5 l04.1DJun95 117*0 117*0 117*0 117*0 

116.10 TSlJOJiHSS 11600 116*0 I IS. 75 116*5 
11190 HlA)Aug95 115*0 

115*0 79.10 Sap 95 M4JD 11470 11470 11475 

115.75 88.00 Dec 95 112*0 11180 112*0 11110 

100.00 88*0 Jan 96 112*0 

111.80 62,70 Mar 96 II1J5 IIIJS HUS 1T1J0 

109*0 107*0 May 96 110*0 

JU 96 109*0 

Esr.WHBS 14,000 Tuo's-soMS >*18 
T.jc'iCBtenlm *0,272 aft 1167 
SILVER (NCMX) 6B60travor- ogitfiMrirarBZ. 


+ 2*0 953 

♦ITS 1A73 

♦ 175 39*81 

+ 2*5 798 

+ 160 

♦ 140 8.752 
+ 2J5 

♦110 1247 

+na 

+ 1*0 1,75* 

* I JO 
*170 

*175 1*81 
+ 175 
+ 1.75 
+ 175 

• 175 


91180 91140 Jun 96 91180 91710 91130 91170 —10120760 

91570 91050 Sep 96 91070 91110 91010 91070 —10119.905 

Esi. sales 427.213 Toe'S. Mies J14.065 

Tile'S open im 2*59*57 Otf 7«96 

BRITISH POUND (CMER) iwmn+l point tauotiWJOOl 

1*392 14500 Dec 94 1*354 1*380 1*300 1*344 —10 43,129 

1*370 1*640 Mar 95 1.023 1*370 1*380 1*348 -10 479 

1*760 1*348 Jlto 95 1*278 1*320 1*278 1*310 —12 8 

EM. sows 11*49 Tue v sales 11981 

Tub's open lnt 43*16 up Z7B 

CANADIAN DOLLAR (CMER! sportW- I poMrauaU MIOM1 
07670 07038 Dec 94 07413 0.7428 07413 07416 +2 34,910 

07605 0702DMar95 07416 07424 07416 07416 +2 1719 

07522 0*990 Jun 95 07420 0.7420 0J4T1 07409 +1 758 

07438 0*965 5cp 95 0.7402 0740? 07400 S7397 +2 571 

07400 0. 7040 Dec 95 07382 +2 62 

fitar96 07366 +2 1 

Ev. saws 4*15 Toe's, sales 8*96 
Toe’s open M 38.021 ott 509 

GQUAAN MARK (CMER) t uwmtrii- 1 patmMuolt 0(001 
0*731 0*590 Dec 94 0*692 B*70B 0*670 0*704 +7 89,152 

0*745 0JBWMW95 0*690 04*90 B.6717 +8 4,500 

0*747 0*900 Am 95 0*705 0*738 0*305 0*731 +8 614 

a«-!» 063475ep95 0*735 Q*73S 0*735 0*750 +8 113 

Ett. sates 27.965 Tue's. stfes 46,919 
Tue'sanmint 94*87 all 1327 

JAPANESE YEN I CMER) tmrrm. inMeauabtelwnm 
0Jn0*9CIUn9525Oec94 0*10387001038700103220010366 -21 60*41 

OAlC86OU0«B0Mar 950010435001 04510JJI04300Jn0451 -21 6.971 

aOUM7aun9776JUn9S 0*10S54 -21 441 

001 (17750.01 02O05ep 95 0*10653 -21 100 

0.010760U)HI4410ec 95 0*10735101073500107350*10753 —31 32 

Mar 96 0*10853 3 

Em. sales 14*24 tub's, sales 27.930 
Tue's open lnt 68*67 up 2108 
SYlitSS FRANC ICMBtl tH'+«-lptMnu4iFH0l 
0*108 0 MSS Dec W 0 8015 0*056 07992 0(8054 +15 40726 

0*136 07287 Mar 95 08045 08090 0*060 0*089 +17 1**0 

08145 07193 Jun 95 08130 .18 136 

0*150 08130 Sw> 95 08169 +19 6 

ESI. sales 14,944 Tue’s. sales 20*17 
Tup s open lnt 42*28 nfl 1106 


Industrials 


541* 511*00 94 538* 

NOV 94 538* 

597.0 380* Dec 94 531* 542* 531* 54U 

576* «n*Jtm«S 543* 

40*0 416* Mar 95 540* 550* 540* 5497 

404* 4160 May 91 555* 5«* 555* 

610* *200 Jul 95 553.0 560* 552* 5601 

SDJ XDJSHPfS 567* 567* 567* 5606 

678* 539* Dec 95 575* 57b* 574* 5704 

6110 575* Jan 96 582.1 

622* S54*Mcr 96 589 7 

S99J 587* May 96 596* 

4000 600* Jul 96 604* 

Esi. sates 19.000 Tue's sons ll.Jrt 
Tub's open lr» 111*67 alt 74 

PLAT1TAA4 (NMER) S0imoi.-aaS[>6OTrtn»roL 
435*0 3600000 94 425.90 425.90 425.00 427 00 

435*0 374*0 Jan 95 424.90 427*0 423-Jfl 427*0 

439*0 37000 Aar 95 429*0 401 X 429*0 431 JO 

439.X 414*0 Jul 45 436*0 

436*0 423*0 Oct 95 440*0 

439*0 439J0Janf6 443 50 

Est s+*s NA. TUB'S. sales i*»5 
Tue's wwnmt 25*94 up 196 
GOLD I NCMX] 100 rou. -aodarsmtrovoz. 

417*0 344X 00 94 389.x 309*0 389*0 389 JO 

New 94 389*0 

426*0 342*0 Dec 94 190*0 791 JO 389J0 3»1*0 

411 X 363*0 Feb 95 TMJOfl 394.90 39370 394 SB 

4I7.CS! 344*0 Apt 95 396*0 398*0 39090 39010 

47050 361*0 Junes XI JO XI 70 40020 XI. 70 

4|4*B 36050 Aiju 95 405*0 

41»70 401*0 Qrt 95 409*0 

429 X T-KSl Dec 95 41 41190 412.90 414® 

424*0 412*0 Feb 9« 41020 

430 » 41030 Apr 9fi 422X 

431*0 41100 Jun 96 426.90 

Am 96 431*0 

Ed.^oies 33.000 Tue's. sates 17*55 
Tue's soon int 157.554 up ids 


+ 9.4 185 

+9J 

*97 75.144 
+9.2 B0 
♦4J 16*35 
+ 9-3 4*89 
+«* 3*62 
+ 9J 

+9* 2,586 
#97 
+ 9.9 
+ 97 
♦ 9.9 


+ U0 X 
+ 1*0 20367 

HJO 3.648 
+ 1*0 1*45 
+ 1*0 392 

• 1*0 


-010 38 

-070 

-070 83.115 
— *30 19.529 
-070 8.139 
—070 9.768 
-070 

-420 1*14 

— 0.20 7*48 

-070 

—070 

— 0.10 


Financial 


(1ST. BILLS (CMER) ilmltoi-ckg'iHKL 


9610 

9025 Dec 94 94*7 

9* X 

*4*6 

94*7 

17*15 

95*5 

*3.98 Mar 95 94.1! 

94.12 

9005 

9407 

—4*2 10550 

94J4 

91*2 JOT 95 03*4 

93*5 

(0*7 

9163 

—001 4*93 

93*7 

91*sSra*s 



93 38 

5 

Esf. sales 

4,173 roe s, mies 

*417 





5510 5510 

iqi 97 
643 Ml 
OSD 8900 
USB 860 

it» m 


835 835 

1233 RQ5 
609 623 

NA 1144 


COFFEE C (NCSE) MJOO ms.- earn p» h. 
24475 77.10 Dec 94 19075 19475 199*0 

744*0 7090 Mgr 95 194J5 19975 195*0 

244*0 82_50 MOV 96 199*0 201*0 19)75 

245.10 85*0 Jul 95 20100 20158 199*0 

2JWW IBJDSep95 20X50 2015D 300*0 
20*0 StJUOecK 
JfflJW 1 97*0 MOT 96 

EM. sates 6*89 Tue's. sate* 6,179 
Tue's open bit HIS aft 131 


—4*5 17*91 
-4JS 12.433 
—SOS 4770 
-075 1*11 
— 2J0 896 
—IS 0 849 
- 2*0 106 


Tue's aoen inj 33*43 up 1083 

IYR. TREASURY (CBOT) liOMnprn-t+ispndiatiMin 

lUt-S.IS';?* D« M ’m-14 101-T6S 101-08 101-125 176.969 

103-091X-225 Mar 9900-275 KB- 39 100-2IS 10S-2SS 7,910 

„ _ Jun95IKW)7 100-04 100-05 100-08 

E5t..«tes Tue's. Mlel 45J33 

Tue's ooen HU 134*79 ua 4001 

!?VR' (CBOT) JWWWpnn- mt.A rnttjoi 100 per 

114- 21 100-00 Dae 94 100-09 100-14 99-31 100-05 — 02 273.IM 

£-12 '! «*■«"-« 99-ff 98-13 - to 9.WJ 

105-22 98-23 Jun 95 99. J5 nj ijc 

101-06 78-78 5«p 9 5 984)7 98-18 9M5 9B4» • M j 

110-31 98-10 Dec 95 97-27 + S 

Eat. sate 75*56 Tue's. soles 98784 
TiM'saocnlm 287jB8 U> 792 

US TREASURY BONOS (CBOT) HBrt-iiwjMtai,t Mn » DllqttB<(l 
118-08 91-19 D*C94 97-10 97-21 9600 97-08 — 01 

116-20 96-09 Mir 9596-72 97X1 96-10 - 07 JA5« 

115- 19 95-24 JunfJ 94-06 94-M 95-2J M-M »i ™ 

113-15 W-lfl Sep 95 9S-2I 95-21 9&-10 95-14 S 

113- 14 95-00 Dec 95 94-29 ]t} 

114- 04 94-30 Mgr 94 94-1J S 

100-20 «-05 Jun 96 93-30 g 


COTTON! (NCTN) sajHUM.-amp«rto 
7725 59*8 Dec 94 71*5 72.15 71J5 

78.15 62.50 Mar 95 72JD 7135 7161 

7Bi5 64.XMOV95 73J7 7435 7X60 

7075 4930 Jul 95 7050 7525 7450 

7070 66*0 Oct 9S 7075 71.10 7050 

J3.B0 6625 Dec 95 69.70 7020 69*0 

MISS 48*0 Alar 96 

Est sales NA. Tue's. soles 14.731 
Tim's open int 51 JU up 1621 
HEATING 04- (NMER) OAMoal-cw^errw 
MJO 46XNOVH 49,70 5 jvj® 

»*0 46*0 Dec M 5010 5035 4075 

g25 4X75 JOT 95 50.65 5090 50X 

B.73 47.9SFeb 95 51*0 51.25 50*5 

57.50 47*0 Mar 95 51*0 51*0 5070 

55.15 43.05 APT 95 5020 5030 50*5 

54J0 47*0 Mav 95 4930 49.45 XJ0 

53*0 4079 Jun 95 4920 4920 49.10 

»J0 47*5 Jul 95 49.X W.X 49 A0 

S5A0 4X70 Aug 95 4920 4920 49.70 

KUO 4045 Sept’S 5085 six mas 

Fst. sales MA Tue's. sates 26,900 
Tue's ocwi lnt 157,110 otf 3694 
LIGHT SWEET CRUDE (NMER) I.MW-6 
20*0 14.93 Dec 94 17.48 17.97 17.60 

19*5 15L15Jnn9S 1734 17M 17*7 

1**0 15. 28 Fflb 93 1732 17.W 17*5 

20.46 1542 Mar 95 17*9 17*1 17*9 

19*8 1535 Apr 9S 1770 17*0 17*6 

19J4 15*9 Mav 95 1770 1773 1770 

»» liHJunJS 17JD 17J3 17J 

19*7 1 6*5 Jul 95 1775 17.76 17,71 

J**7 16.16 Aug 95 17JB IXTS 1775 

J8*0 17*0 Sep 95 17*0 17*0 1773 

19.17 16*200 95 17.77 |7.|7 |y*J 

iflM ,,J# l 7 - 78 

JHSO 1050 Dec 93 17*2 17*5 17.78 

31.15 17*5 JOT 96 1777 17*3 1777 

J8.B4 17*8 Feb 94 17*7 17*7 17*7 

ew 17.91 r7.91 17.91 

1&17 17*7 Apr to 

30.X 1723 Jun 96 

JW7 1838 See 96 

fst. sales NA. Tue's. sales 60*00 

Tue-jopwirrt 391 oh 563 

WtEADB) GASOLINE (NMER) 

“X 42.75 Nov 94 S*0 S5JS 52*0 

M.70 SOX E>«c 94 SP.IO 59*5 st» 

||*0 S0SOJOT9S 5675 56*5 5010 

58JK SI.10FCD9S S5.M Ss.35 si,rq 

».H 52*0 Mar 95 5530 SIX 5L» 

«J0 56*5 Apr 95 58*0 S1H SJ0 

58-50 5000 May 95 S7A5 57 43 

WW 55.90 Jun 95 

S.94 55.30 Jut 95 

»JS S4*0Sep9S 

njflOcl95 a?4 5X74 53,76 

SS« axMovys 

SJ2S 52*0 Dec 9S 

W9 54.46 Aug 90 

f 8 *-.** 868 HA Twe's. loirs 27,732 
Tue s open Its 67*20 off 2036 


71*1 —0*6 23*76 

73.11 -010 U*28 

7A17 -0» 6*92 

74*3 —057 4,114 

71*5 +020 545 

7015 '015 2J33 

TOTS +010 M 


»atO 1*384 

!0« *0*53 

+ 0*7 32J« 
+0.11 10394 
+042 1IJJW 
+ 037 6.S2S 
+042 5*82 
+037 0570 
♦0*7 0291 
+027 1*65 
+0*7 


+ 0*7100879 
+ 0J1 47.9M 
+0J7 »J76 
+0J4 23*X 
+ 022 17*16 
+ 019 11707 
♦MS 31*10 
♦MS UJ85 

+ 0.J4 6*43 
+ 013 12*83 
+01* 5JW0 
+011 5*35 
+010 15*11 
+ 0*9 7*22 

♦ 0JB 

♦ 8*7 6*75 
+006 HO 
+ 0 H 

+ 001 


root 

• 2*5 1 1*19 
+0*0 22*87 
+ 0*9 MAT 

• 017 6,114 
+011 1561 
+004 4*68 

2*23 
— 004 663 

—009 «t 
—4.19 
-an 
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-41* 136 

-0.18 W 


SUGAR- WORLD 11 (NCSE) UUMUs-em*. 
12*6 9.ITMar95 12*8 >2*0 1067 

1 2*5 1057 May 95 12*8 HAS 1066 

1075 1 057 JUI 95 12*7 1174 17J* 

12*1 1057OOK 1016 1033 1016 


-016 90113 
+016 20361 
+0U IA430 
-012 13.103 


8 13— IS 95-10 SeP 95 W-91 95-SI 9S-I0 95-14 S 

113- 14 9S-OQ Dec 95 94-29 

114- 06 94-» Mgr 96 96-1) » 

100-20 94-OJ Junta 93-30 S 

Esi. sales 380*00 Tue's. sates «i*2l 13 

Tue’s 664*1 011 435^79 UP 1790 

MUNia PAL BONDS fCBOT) IIQ00X«W.^.I j>w, aKBcK , 

91-17 84- 70 Dec 9485-00 85-09 86-25 86-31 - 01 21J4S 

88-09 83-21 Mar 9586-00 86-02 83-21 83-76 — Itt jpn 

Esi. st*« 4*oa Tues. sates 4,791 

Tue's open *tt 21*35 up 379 

EURODOLLARS (CMER) »i »1 WhW«I itMper 

9ilM 90 710 Dec W 91970 94.000 91»X 91970 433*00 

9S*B0 902XMa-K 91530 *1580 93*10 915X 3907X 

94730 90710 JOT 95 910B0 91110 91030 91070 297*21 

«4*50 91 .710 Sep 95 90730 95-750 90670 907JO 239j£ 

947*0 91. IX Dec 95 92*10 92*30 903» 92J90 — 10D777& 

94220 90750 Mar H 90310 90340 90240 90300 -10151733 


Stock indexes 

fCMER) U.JW, 

JgJjJgw %>%%$%%%% +irc 1095 
85.987 W 

NTSE COMP. BHJE3M 

is sa %% ss »b 

IS® S - 08 w- 1 ® ’«s ^ 

fm mso JaB 

Tue's open hv 4,225 aflM4* ra 


Commodity Indexes 

Moody> i.w ff 

ISUA 

Roseoreti ma 


Prevkwi i 
U 60 .W j 
009140 
154.23 l 
23125 j 


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1 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 27, 1994 


Page 11 





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922J8 

M1J79 


1508755 

18077.13 

277843 

I966J7 

150836 

124447 

165196 

1226631 

1025.15 

141452 

18534900 

291035 

134403 

1471450 

121083 

1T7&92 

NW506 

124931 

272156 

89704 

116134 

159639 

181837 

36832 

137.1340 

214212 

wxeee 

155861 

19.1949 


6rgmacGU»IFMACDIv)FM 294.7134 
d Fhmsec GtoM FM B (Cop)FM WOOdl 
* i. raefcana frf a (dm — hm.H7S 

d IntWOond FRF B ICOP)„ FF 135,1693 

d For East USD A (DM— J 274541 

d For Eon USD B (Coo) -- * 274933 

2 J ,“2! J .EX S JW* 1 — V 10914614 

i JW BfCao) Y 10914614 

d Parsec frf b ICwl— FF 1134041 

tf Larta Anierien USD A iDh/)* 2S3V9 

d Latin America USDS (Gapjs 257879 

d North America USOACDMl 165772 

d Nth America USD B ICmlJ 144772 

d Asia USD A IDIv) S 93984 

If Asia USD B (Cap) S 95984 

dwarlduSDAiDivi S 108358 

d World usd B (Cap) ___J i mmx 
BUCHANAN FUND LIMITED 
cW Bank at Bermuda LM: (80*)29S40Q0 
I Global Hedge USD 8 1334 

t Global Hedae GBP c um 

JGWMICHF SF UM 

/ European & Atlantic— _1 1188 

; Pocfflc. 5 14.16 

I £mu?ing Markets— —_—X £UN 

CAISSE CENTRALE des banqucs pop. 


OcL 26, 1994 


d Fructlfax - ODt Feu A _ 
d FrucWux - ObL Eun> 


'F 

Ecu 


W Frue«lBui - Actions Fses C-FF 
d Fnieflhnc- Actions Euro D.Ecu 
d FrucTthn - Caun Term* E_FF 

d Fruetlfim - D Merit F DM 

CALLANDER 

wCattander Emer. Grmrih_S 

ur CM lander f-abwt s 

w Callander FLAustrten 
iv cmionder F- Spanish 


-AS 


841U8 
150285 
818741 
175324 
B745J6 
10*9 JO 

131 34 
15809 
1156.95 
788600 
46.11 
14201 


w Consider F-U5 Healtn Cares 

Hr CaBaider Swiss Growth SF 

CAMPBELL (BERMUDA) LTD 
wGlbl rnsmuttarc* (21 Oet) —5 94SB7E 
CANADIAN INTCRNATIOMAL GROUP 

d G Canadian Grawfh Fd CS *47 

d Cl Nartti Amenam Fd . . XT 806 

d a Podflc Funa CS un 

a ci Gtabai Fund Cs tn 

d Cl Emera Markets Fd CS 905 

d Cl European Fwid- CS £46 

d Canada Guiir. MortanBBFtfCS lBJU 

CAPITAL INTERNATIONAL 
W Capitol 1 nil Fund S 


w Copilot J tatlo SA 

CDC 1HTERNATIOHAL 

IV CEP Court Tern* 

wGFI Lons Term*. 


_FF 

_FF 


13501 

4115 


179093.12 
1517 


OI EMI CAL I RELAND FD ADM LTD 
353-166 04X1 

w Korea 2151 Century Inv l 9 j ] 20 

ivTIte YeOowSea InvtCo S 11 J7 

CIUDAM BRAZIL PUND 

d Ondnm EauJfy Fund I 1624767 

d Oman Botancea Fund % 1ZL1539 

CITIBANK (LUXEMBOURG) SLA. 

POB 1373 LuMfllbaurB TeL47795 71 

d Clflnvest GSBtufl Bond S 98.11 

d CU Invest FGP USD S 12047 

d Ctt loves! FGP ECU Ecu 122601 

d ClfinusE? SeMdor S I46S52 

d CmaiTOlChB USD S 165701 

d Cttl currencies DEM DM 144J9 

d dttcurrendesGBP C 1*537 

d OHeurrenctas Yen Y 1245400 

d CRfport NJL Equity S 235J9 

d ailport Cant. Euro Equtty_Ecu 17LB 
d CHIport UK Equity ■ — I t 13215 

d CJtlpart French Equity _FF 131AM 


d CUlporl German E aid tv —DM 

d CINnort Jodoi Equity Y 

d Clliwrl 1APEC I 

d ottportEomec 1 

d ailport NAS Bond S 

d atbwrt Euro Bond Ecu 


d MonogedCarrvncv Fimd- 
d India Focus Fund- 


C1TIBANK (PARIS) SJL 25/18/94 

a CHI 96 Cop GM S 

d CHI Gtd Asian Mkts 
CITl TRUST 
wUSSEauittes 


IV US S Money Market . 

HI US5 Bonds 

mCiHaertormtincePtflGJL- 

w The Good Earth Fund 

COMQE5T [S3-U 447B75 ID 
t CF.E. Lotus Fund— . 

ty Cam aesl Asia 

w Compost Europe 

CONCEPT FUND 
a W AM Global 


b wam mu Bd Hedoe Fd s 

CONCERTO LIMITED 

w NAV 21 Od 1994 S 

COWEN ASSET MANAGEMENT 
Cowan Enterprise Fund N.V. 

Hr Class A Sis- I 

ir Close B She S 

CREDIS INVESTMENT FUNDS 

d CS Parti Inc DMA DM 

d CS Partf Inc DM B DM 

d CS Portf toe (Ure) A/8 Ut 

d CSPorttlncSFRA SF 

d CS Portf IncSFR B SF 

dCS Portt Inc USSA 5 

d C5 Portf toe USSB 8 

d CS Portt Bal DM. 


d CS Portf Bal (Lfre) A/B Ut 

d CS Portf BalSFR SF 

dCS Portf Bal USJL 


d CS Portf Growth pm p m 

d CS Portf Gru (Lire) A/B Lit 

dCS Portf Growth SFR SF 

d CS Portf Growth US1 s 

d CS Money Market Fd8EF_BF 

dCS Money Atarket Fries a 

d CS IManev Moriaf Fd DM— DM 

d CS Money Mortal Fd FF FF 

d CS Money Market Fd Ecu— Ecu 
d CSMonevMortet PdHPI_Fl 

d CS Money Market Fd Lit Ul 

d CS Money Market Fd Pfa— Ptm 

dCS Money Market FdSF SF 

d CS Money Market Fd 1—_J 
d CS Money Morket Fd Yen_Y 

CS Money Market Fde. c 

Crudb Eq Fd Emera Mkt*_J 
Credb Eq Fd Lot Amer _ % 
Credls Ed Fd Smalt Cop EurDM 
Cradis Ea Fd Small Cop GerDM 
Crudls Eq Fd Small Cap JopY 
Credls Ea Fd Small Cop 
USA » 


Cradt* Korea Fund. 


CredbSmll+MJd Cap swiMSF 
Credit Suttee Fde Int i... S F 

CS Euro Bhia Chips A DM 

CS Euro Blue CM P6 B DM 

CS France Fund A ff 


CS France Fund B. 


-FF 


d CS Germany Fund A DM 

CS Germany Fund B— DM 
CS Gold Mines A .J 


CS Gold Mines B. 
CS Gold Valor. 


CSHhwono luerta Fd A 

S Htansn Iberto Fd 

llufy Fund A 

CS Italy Fund B. 


CS Japan Megatrend SFR— SF 
CS Jopm Megatrend Yen —Y 

CS Netherlands Fd A FL 

CS Netnertona* Fd B FL 

CS NorttyAmcrlam A S 

CS North- American B. 1 

CS Oeko- Protec A _ 

CS Oefco-Pratec B _ 

CS Tiger Find 

CS UK Find A 

CS UK Fund B 

Bnerale -VOlor— 


-DM 


Podflc -Valor- 


Sdiwetzarakttcn-. SF 

Bond Valor D-Mark DM 

Bond VOlar5wt , ..SF 

Bond valor US ■ DoUarj — S 
Bond Valor Yen. 


Bond Valor 1 Starling 1 

Convert VOinr Swi 3F 

Convert Valor US - Dollar _s 
Convert Volor l Sterling — -t 
Creffll Swiss Fds BOS SF 


Crudb Band Fd AusSi 
Credfci Bond Fd Audi I 
Credls Band Fd Cans A — CS 

Cradle Bond Fd Cons B CS 

Create Band Fd DM A DM 

Crams Band Fd DM B DM 

Crudb Bond Fd FF A Jr F 

Credls Bond Fd FF B FF 

Credls Bond Fd Ure A/B _Ut 
CrecBl Band Fd Pesetas A/BPfos 

Credls Bona Fd USSA S 

Crsdis Bond Fd USSB 1 

Credls Bond Fd Yen A Y 

Crudls Bond Fd Yen B V 

Credls Bond Fd lA 1 

a*db Bond Fdl B_ 


CS Capital DM 1997 DM 

CS Capitol DM zm DM 

CS COpHol Ear 7000 ■ - . .Ear 

CS Capital FF aw ff 

CS capital SFR 20M — SF 

CS Ecu Bond A Ecu 

CS Ecu Band B Ear 

CS Europe Band A dm 

CS Enrona Band B DM 

CS Fixed i DM8* 1/96 DM 

CS Fixed 1 Ecu 8 3/4% l/06-Eou 

CS Fixed I SF 7X1/96 SF 

CS FF Bond A FF 


CS FF BondB 

CS Gulden Band A. 
CSGuktoa BondB. 
CS Prime BondA- 
CS Prime Band B- 


_FF 


_SF 

-SF 


CS Short-T. Band DM A DM 

CS Short-T. Bend DM B DM 

CS Short-T. Bond % A J 

CS Short-T. Bend S B * 

_ CS Swto FTone Bond 4 SF 

d CS Swiss Franc Bend B SF 

d CS Euroreol 

CREDIT AGRICOLE 
INDEXtS 

d Indexts U5A/&&P 508. S 

d mdekisJwwVNlkiwl Y 

d index to GBret/FTSE t 

d Indexb Fitmce/CAC 40 FF 

d ImtodsCT FF 

MONAXIS 

d Court Terme USD S 

d Court Terme DEM ■ ■ — PM 

d Court Term* JPY Y 

d Court Ter 


.Pto 

-Ecu 


d Court Terme FRF. 
tf Court Terme ESP- 
5 Court Terme ECU - 
MOSAiS „ „ 

d Actions Inti Dtveral B ees — FF 
d Actions NortMmerlcakHa J 

d Actions Joponaims Y 

tf AcHoraAngkiisra-. * 

d ACflanAHemandes DM 

d Actions Frnncahe* FF 

d Actions E*. & Port Pta 

d Actions I to) tonnes— IJf 

d Actions Bonin Pariflque— S 

d Otriio inri Dlverriftoes FF 

d ObNo NonhARKricauwL— 8 

dObEB Japan oHm Y 

d ObllaAngkifaas 1 

d OWhl AMomordes DM 

rf PbHg FroncoNri , — FF 

d owiflEsPifcPBrt Pla 

a obJig Convert. Intern. FF 

d Court Terme Eco — — — F eu 

d Court Term* USD » 

d Court Terme FRF — -f-F„ 

CREDIT COMMERCIAL OE FRANCE 

d Elrsoos Monetolro— FF 913«JI 

d Sam AcHcasn usd B 3 HW8» 

cursitdr fund 

rfCurntor East Aston Ea— S 1IW 

d CuWHor WW BdOPPort-^ Wffl 

d Cursltor GIM Gwih 5abFd_S • 10216 

DARIER HEHTSCH GROUP 
Tel 4K3 788 68 37 _ 

d Hentocfi Treasury Fd SF 9112S1 

d DH Motor Mari^Fund— SF Win 

(t DH Moadorti PortWJo — SF 9CJ7I 

d Somorol PorttOUo SF 28488 

DISCOUNT BANK GROUP 
wEurovot Eauilv— 
wfLAmerlco EqaitY 

w Podflc Eauflv. — S 

w Dotvd Band — - — — * 
wMulHairr. Bond. 

wMoifleurraocyflond— FF 

w MdHcurrenar Bond— —DM 


9085 
478980 
23481 
2555? 
15727 
145.18 
14443 
181*58 

959BM 

985659 

25260208 

umm 

1674400 

16*7496 

1211152 

1IL33J7 

I367J2 

121681 

1038.14 

96984 

9295 


106255 

163295 

99083 
10218! 
95144680 
94220 
97850 
9S268 
980 
102041 
93253488 
97344 
1007J9 
98836 
91210200 
93052 
101285 
5812180 
133866 
17B3J5 
630264 
141847 
122659 
136111880 
12092880 
299783 
182259 
14611480 
239843 
125784 
109234 
855123 
94 1-58 
9916780 

18020 
96136 
21130 V 
12480 
23*87 
250*5 
86784 
93416 

tax 

26152 
IBtl 
29451 
15082 V 
2621688 
2793588 
23434380 
24004980 
25156 
2473580 
4 las® 
418.14 
23*11 
249.17 
21471 
23331 
126553 
10946 
11483 
13050 
7 04, 9 9 
127 JB 
745J5® y 
11143 
11880 
12252 
107*180 
10207 
15855 
19688 
8588 
5125 
23397380 


23422780 

1*52200 


172483 
140889 
US422 
131871 
151656 
9940 
17021 
71S59 
339 JO 
107*6 
M8J6 
10643 
98985 
10*081 
10053 
15183 
8SJ6 
12439 
10373 
15*33 
10271 
16180 
2*406 
29212 
10*17 


1874 

175970 

1295 

U4J82 

118.11 

1780 

3940 

227055 

1387 

14088 

381787 

20.12 

130JB 

22.19 

181753 

1XQ 

3884 

13276 

340188 

31*9255 

38.17 

11*76 

1L2S 

329981 

1386 

7971 

14451 

94PJH 

14056 

2283 

1739 

14457 



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PIT INVESTMENT FFM 
a Cnncemre — jm* 
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INTERNATIONAL FUNDS 

ted by tan* tetad, end tmnewtotod bv IBCROPAL PARS (TeL 33-1 40 » Q* W, 
s era MMpEed bv (tap FM Iriod wWj ttM wwapHen al esae quoUs bned an toaue vioea. 

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DRE5DNER INTL MGMT SERVICES 
La Touche Hou» • I F5C ■ DuMln 1 
D5B Thornton Lot Am Sd Fd 

d Canovtotodw Fund X 1079 

DUBIN d 5WIECA ASSET MANAGEMENT 
Td : (809) 945 1400 Fax : (809) MS 1488 
b tflghhrtdge CMtal Cerau— S 1227733 

mOverioeic Pertarmaim Fd-S 285544 

mPadflc RlMOo Fd 5 10588 

*K FUND MANAGERS Uwecv) LTD 
1-3 Seale SI. SI Heller ; 853*06331 
EBC TRADED CURRENCY FUND LTD 


if Cwftnl. 
<f r 


INTERNATIONAL INCOME FUND 

d LmTtm - A 

d Long Term - DMK —DM 

ERMITAGE LUX (352487338) 
wEranlioge Inter Rate 5tnH_DM 

w Emtitm Sett Fund S 

wErmJtaoe Altai Hedge Fd_S 
w ErmHoge Euro Hedge Fd —DM 
w Erin nope Cracbv Mia Fd_8 

w ErmHoge Amer Hdg Fd 5 

iv ErmHose Emer Mkts Fd 5 

EUROPA FUNDS LIMITED 
d American Eouhv Fund— 8 
d American Opl km Fuad— 5 

wAsta Equity Fd S 

w European E<n4hr Fd s 

EVEREST CAPITAL (809) 2722200 
m EWM Capital toll Ltd— S 
FAIRFIELD GREENWICH GROUP 
m Advanced Strategies LM— S 
iv FtririWd tntl Ltd. 


24349 

15460 


315298 
1*78709 

1019 
6357 
ua 
1083 
1942 
757 
1784 

26871 
16389 
12683 
12486 

13480. 

1638707 
22080 
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5117X0 

FIDELITY INTL I NV. SERVICES (Lux) 
d Dlscsvery Fund .8 3041 

d For East Fund 5 8587 

d Fid. Amer. Assets s 19888 

d Fto. Amer. Values IV— s 1M57380 

d Frontier Fuel— —5 378) 

d Globol Lnd Fund S 1981 

d Global Selection Fund 8 2377 

d now Eurooe Fund. 

d Orient Funa. 


iv Fotrflekt Sentry Ltd- 


w Fa IrSekl Strategies LM S 

jn Sentry Select Ltd. 


d Spedof Growth Fund. 
d World FixxL. 


137.11 
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FINMANAOEMENT SA-LDffODD(4L91/2293)2) 

nr Delta Premium Cm S 122588 

FOKUS BANK A8. 471 421 SB 
HfSOTitonds urn Growth FdJl 0.99 

FOREIGN A COLONIAL EMERG MKTS LTD 
Tel: London 671 628 U34 
d Argentinian Invest Co SkrwS 2738 

<t BrazJUofl invest Co Skznr—5 43J7 

w CotamUksn Invest Co Slaw J 1530 

d GiWEmMkMInvCaSJarvJ 1183 

d Indian Invest Co Sicov- 5 1286 

d Lotto Amer Extra Yield FdS 98948 1 

d Latin America Income CO-8 9J1 

d Lotki Aimrksn Invest Co— S 124* 

0 Mexican Invest Co Sicov _S 45.19 

w Peruvian Invast Co5icav_J 14.10 

FUND MARKETING GROUP (BID) 

P.O. Bax 2D0L Hanllton, Bcrmudo 

m FMG Global (30 Sen) 5 

mFMG N. Amer. (30 Sep) $ 

m FMG Europe (30 Seal 5 

m FMG CMC MKT [M 5*0) -8 
mFMGQ (30 Sea) 5 


m FMG Fixed (3D Sep). 

FX CONCEPTS (BERMUDA) LTD 
w Cancans Forex Fund— s 
GAIA CURRENCY FUNDS 

ivBwIii llninp II 1 

w Gala Hedge III s 

C GAIA Fx. 


roGola Guaranteed CL I. 

m Goto Guaranteed CL 11 

GARTMORE INDOSUEZ FUNDS 25/11/94 
Tel: 052)46 5624 479 
Fax : (352)4654 2) 

BOND PORTFOLIOS 


1389 

1080 

1888 

1290 

V47 

HLM 

980 

13232 

1*77 

12281 

8495 

8405 


0 DEM Band D Is 124 DM 

0 DtvWUOnd DISZSJ SF 

0 Dollar Bond Db 2.15 S 

d European Bd Db 1-1 2. — F ni 

0 French Franc_(Hs93S FF 

0 Global Bond Db 111 i 

EQUITY PORTFOLIOS 

d ASEAN S 

0 Asia Podflc- 


0 Continental Europe— 
0 Developing Markets. 
0 France. 


0 Germany, 
d Infernatloncd. 
0 . 


0 Norm America. 

0 Swttxerion 

0 united Klnaann 

RESERVE FUNDS 

0 DEM Db3£77 DM 

0 DO HOT Db 2.12ft S 

0 French Franc FF 


0 Yen Reserve. 


*39 

381 

243 

128 

1281 

282 

si 

144 

435 

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529 

282 

26980 

282 

344 

180 

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BEFiNOR FUNDS 
LandM:71-4994l 7i8taeva:4i-2273SS5X 

w Scottish World Fund A 4789908 

i* State Si. American 5 34897 

GENESEE FUND LM 

iv I A) Genesee Eagle S (5*79 

GLOBAL ASSET MANAGEMENT 
OFFSHORE FUNDS 
11 Altai StDouPtaM al Mon 4*624406037 


wGAMertca. 
ir GAM Arbitrage. 


w GAM ASEAN, 
iv GAM Austrntlo- 

■r GAM I 

w GAM Combined—. —DM 

wGAM Crass-Martet, I 

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IV GAM r _ 
iv GAM GAM CO 
wGAMHHm Yitk 
or GAM East Asia 
w GAM Japan 

W GAM Money Mkts US* S 

0 Do Storting 1 

0 Do Swiss Franc. 



0 DoPeutsdiemar fc ■ D M 

d Do Yen. ■ ■ ■■ V 

w GAM Allocated Mlll-Fd S 

w GAM Emera Mkb Mlll-Fd -5 

w gam Mm- Europe USS s 

w GAM Min-Europ* DM, -DM 

w GAM MltKitoM USS S 

nrGAMMHFUS S 

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IV GAM Trading USS, — . . S 

w GAM Overseas S 

iv GAM Podflc S 

iv GAM Relative Value S 

iv GAM Selection. 


ur GAM Stagc*wrr/Malav3la -8 

w GAM SF Spcckd Bond SF 

wBAMTvdie S 

wGAMU.S.. — _8 

wGAMut investments. —5 

w GAM Value S 

iv GAM Whitethorn S 

GAM Worldwide- 


47189 
40889 
44270 
22184 
31451 
12234 
1X2.17 
9482 
107492 
24739. 
21528 
ISMS 
75*84 
18287 
10133 
10144 
101.13 
10135 
7105780 
16183 
18438 
12129 
12437 
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12131 
16946 
16586 
97344 
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63824 
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21738 
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1B9.15 
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159.18 
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14987 
33591 
10054 
9996 
9884 
7888 
100.77 
11174 

» Emera Mkb Strategic A S 11136 

w Emera Mkts Strategic b — S 11388 

SWISS REGISTERED FUNDS 4T-I-C2 26» 
Muhiebacnstraxse 17iCH B034Zortai 

0 GAM (CH) Europe SF 8994 

d GAM (CH) Mondial SF ugji 

0 GAM (CH) Podflc SF 28099 

SEC REGISTERED FUNDS 

US East 57th StreeLNY 100222124884200 

H> GAM Europe S 9097 

wGAMGtObal S 14029 

tv GAM International S 20064 

wGAM Japan Capital s 9*87 

IV GAM North America S 9276 

w GAM Podflc Basin S 1938* 

IRISH REGISTERED UCITS 

65*6 Lower Mount St .Dublin 2353-1-476060 

w GAM Asia Inc Y 10085 

W GAM Orient ACC DM 15487 

w GAM Tokyo Acc DM 173J5 

vr GAM Total Bond DM AOC—DM 10538 

W GAM Unh/enal DM ACC DM 17635 

GLOBAL CAPITAL MANAGEMENT LTD 
Bermuda: (809) 2954000 Fax: (009) 29S4U0 
JWH GLOBAL STRATEGIES LTD 

w I A) Oriolnal Invest m ent S 

htIC) Financial & Mvtart S 

(D) Global Diversified S 

win G7 Currency 


w GAM Bond USS Ord 

w GAM Bond USS Spedol . 
w GAM Bond SF. 
w GAM Band Yen. 
iv GAM I 
w GAM Bond I 


■v GAM cSpedoJ Band— 
w GAM universal USS — 

wGSAM Composite 

w Global strategic A— 
■v Gioboi Strangle B — 
w European Strategic A. 
w European Strategic B . 
nr Trading Strategic A. 
w Trading Strategic B. 


w IK) Yen Financial— 5 

■ Ul Dhrerelfled Rbk Adi — S 
w(K) Inh Currency & Bend -J 

w (L) Gioboi Financial S 

IV JWH WORLDWIDE FUNDS 
GLOBAL FUTURES 8 OFTFOMS SICAV 
ra FFM Ini Bd Proor-CHF a _SF 
GOLDMAN SACHS 

•rGSAdl Rate Mart Fd II S 

mGS Global Currency S 

iv GS World Bond Field 8 

wGS World income I 


8213 

14938 

11087 

92.17 

158.15 

11946 

11807 

74.10 

1BJD 


G5 EQUITY FUNDS SICAV 

wGS Eurn Srnittl Cap Part DM 

iv GS Globol Equity S 

w GS US Cap Growth Port S 

w GS U5 Smafl Cap Port— I 
nr GS Asia PortMto. 


GOTTEX FUND MANAGEMENT 
nr G. SWOP Fund Ecu 


9*92 

9JD 

126176 

mio 

723 

7*17 
11.91 
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9 JR 
1139 

115136- 


GRANITE CAPITAL INTL GROUP 

H-Gnmite Capital Eaultv 8 29715 

wGranReCopitolMartgose-S 07*71 

w Granite Globol Debt. Lfd_S 29483 

GT ASSET MANAGEMENT (IRELAND) LTD 
TN : (44)71-7184567 

0 GT Asean Fd A Shores S 8*21 

0 GTAieanFdB Shams S 8784 

0GT Asia Fund A Shares 3 2*44 

0 GT Asia Fund B Shares S 2*18 

0 GT Allan Small Camp A Sh8 19.15 

0GT Asian SmoU Comp B52S 1936 

0 GT Australia Fd A Shares— S 3263 

0 GT AustroBo Fd B Sham— 5 3276 

0 GT AUEtr.Smoll Co ASh s 2558 

dGTAustr. Small Co BSh s 2*2* 

0 GT Berry Japan Fd A Eh— J 2379 

0GT Berry Japan Fd BSh s ZL92 

d GT Bond Rl A Stares S 1873 

0 GT Bond FdB Shams s 1882 

0 0T Bio RAP Sciences A 5hJ 20.18 

0GT BIO A AP Sciences BSIU 2023 

d GT Dollar Fund ASh s 3581 

dGTDaUw Fond BSh X 3*09 

d GTEmerabig nuts ASh— s 22J» 

a GT Emerging MWs B Sh s 2221 

0 GT Em Met Small Co A Eh J 1057 

0 GT EmMktSmallCsBShJ 1851 

w GT Etxa Small Co Fd A SlS <105 

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0 GT KoaNw Potnflnder A StiS 134* 

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nr GTJaoOTC Stoats FdBShS 1144 

ivGT JaoSrullCaFdASh— J 1557 

b GTJop Small Co Fd BSh— S 1570 

w GT Lotto Amedeo A. — — S 2588 

wGT Lotto America B— * 2*71 

ff GT Strategic Bd Fd A Sh_* BJ0 

ff GTStrataolcBdFdBSh — S 871 

0 GT Telecomm. Fd A Shares J 1529 

0 GT Telec om m. Fd B States* 158* 

r GT Teehnekwy Fuad A Sh j 6145 


rGTTedMotay Funds Sh-S 6L93 

GT MANAGEMENT PLC (44 71 7184167) 

0 G.T. BialeaVHecmi Fund-S 2224 

0 &T. Deubctitad Fund S 1257 

a &T. Europe Fund . . 3 4982 

iv G.T. Gbbcrf SmaB Co Fd 5 2972 

0 G.T. hwestment Fund s 27 jo$ 

wG.T. Kona Fund i *31 

wG.T. Newly lad CauntrFd-3 6281 

w G.T. us Small companies -4 2574 

GUERNSEY CAPITAL MANAGEMENT LTD 

f GCM Global SeLEa. S 10*61 

f GCM USSSnedrH S 1DCS87 

GUINNESS FUGHT FD MMGRS (BostT) LM 
GUINNESS FUGHT GLBL STRATEGY FD 

0 Managed Carrcncv.— S 3951 

0 Global Bata s 3483 

0 Global High Income Boa0_S 21J7 

0 Gilt *e Bond c 10.14 

0 Euro High Inc Bond— — e 2tLM 

d Giobm Equity « mxi 

d American Btae QiIp S 2789 

ff Japan and Podflc 5 13190 

0 UK £ 25.93 

0 European S 12275 

GUINNESS FUGHT INTL ACCUM FD 

0 Deutsehemork Money DM 901758 

0 US Dollar MPWV—S 39JHB 

0 US Dollar High Yd Band s 2475 

0 ln« Botacod Grth 5 3*88 

HASENBICHLER ASSET MANGT GeSJOibH. 

w Hasetaktiler Com AG S 642100 

w Hasanbfehter Com Inc s 11989 

w HasenMchMr DN i 13149 

“» EBT « 145430 

HDP F I MAHCB.TM(ZI-1 14(7 44454FOX 407*4455 
nr Monettnvea Europe— FF 124933 

wMond l nveiiCndesance FF 133489 

wMondtmnntOtmlnllM FF 117432 

ir Mandlnvest Emera Grawtn.FF 1J1SJ2 

wMondkmst Futures— FF 1163 jb 

HEPTAGON FUND KV (5999-615I5S) 

f Heptagon QLS Fund I 8842 

C Haolooon CMO Fund 5 6478 

HERMES ASSET MANAGEMENT LTD 
Bermuda; (909)295 40fla Lux: 1352)484 64 61 
Final Prices 


m Hermes Euraneon Fund— Ecu 
m Hermes North American Fd* 

in Hermes Asian Fund 8 

ni Hermes Emera Mkb Furd-S 

mHermcs Strategies Fund 5 

m Hermes Neutral Fwid—S 

ra Hermes Global Fund S 

m Hermes Band Fund Ecu 

ra Hermes Sterling Fd — — _ t 
m Hermes Gold Fund. 


33331 
30030 
38*91 
13SJD 
68875 
11*11 
66751 
123370 
10943 

873877 

HUTZLER BROKERAGE 

ra Pegasus P^. Portfolio 5 11.15 

IFDC SJL GROUP, LemtaMX 144-71)4351173 

IV I FDC Japan Fund Y 237UOO 

w Interbond Fund Ecu 10479.15 

nr Korea Dynamic Fund s 230743 

iv tWXbCCD Dynamic Fund— S 192441 

wMaroc Investment Fund FF 9S61J2 

INCOME PARTNERS (ASIA) LIMITED 

ur Aston Fixed income Fd 1 HUB* 

INTERIHVEST (BERMUDA) LTD 
C/b Bank of Bermuda, Tot : 809 291 4000 
ra Hedge Hog A Conserve Fd-S 957 

INTERNATIONAL ASSETS FUND 
Z Bd Royal, L-2449 Luxembourg 
nr Europe 5udE. . Ecu 88J4 

INVESCO INTL LTD, POB 271, 

Tel: 44 534 73114 
0 Maximum income Fund— x 

d Sterling Mngd Ptfl t 

0 Pioneer Moriuits c 

0 Global B«xl_ _l 

tf Okasan Global Strategy 5 

0 Asia Super Growth 
0 Nippon Woman 


0 Asia Tiaer Worroni 

d European Wa rran t Fund— 8 

0 GM NAV. 1994. _J 

0 Global Leisure 8 

PREMIER SELECT FUNDS 

0 American Growth S 

0 American Enterprise I 

0 Asia Tiger Growth— s 
0 Dollar Reserv*- 


0 Euraneon Growth— I 
0 European Enterprise— 5 
0 Global Emerging Markets J 

0 Global Growth 5 

0 Nippon Enterprise S 

0 Nippon Growth l 

0 UK Growth— 


0 Sterling Reserve. 

0 Greater China Opm. 


0.9400 1 
279711 
*4470 

17J600 

273800 

21100 

S30U 

2.9100 

77000 

58100 

*0500 

B8900 

127200 

53300 

S4000 

*6100 

10*600 

*9300 

8.1100 

54308 

53200 

7M8 


IRISH LIFE INTL LM. (fax) 353-1-704 1922 


0 International Cautious S 

0 International Babmcta— _8 

0 International Growth. J 

ITALFORTUNE INTL. FUNDS 
w Class A tAaer. Growth itaLlS 

w Class B (Global Equity) 8 

wCkssC (Global Bond) 5 

w Cl an D (Ecu Bond) Ecu 


1808 
1812 
1311 

78M980 
1234 
11.15 

10J1 

JARDIN E FLEMING , GPO tax 11448 Hg Kg 

0 JF ASEAN Trust S 6189 

0 JF For East Wrnl Tr S 2056 

0 JF Globol Cony. Tr 9 1373 

0 JF Horn Kong Trust S I7JI7 

0 JF Japan Sm. Co Tr Y 4815880 

0 JF Japan Trusi_ ,Y 

0 JF Motorola Trust S 


0 JF Pacific Inc. Tr.. 

0 JF Thoilota Trust —S 
JOHN GOVETTMANT (IJOlMJ LTD 
Tel: 44434 -62 96 2fi 

wGavett Man. Futures c 

wGovetl Mai. Ful USS 9 

iv GavellS Gear. Carr. s 

wGowcMIGIMBaLHdBe 5 

JULIUS BAER GROUP 
0 Boerband SF 


29.14 

1259 

«IH 



— 8F 


JCE 


SF 


qc 


qp 

Ltoutuaer 

_ 


0 Europe Bend Fund. 
0 oaBarBota Fund. 


-Ecu 

s 


ff Austro Bond Fund . 

0 Swiss Bond Fund— SF 

0 DM Band Fund DM 

0 Convert Beta Fund SF 

0 Global Band Fund DM 

0 Euro Stack Fund Ecu 

0 US Stock Fund I 

0 Pacific Stock l 
ff Swiss Stock Fund, 
d Speck* Swiss Slock- 

a Japan Stock Fund 

d German Slock Fund- 
0 Korean Slock Fund- 
0 Swiss Franc Cosh — 

ff DM Cash Fund 

0 ECU Cosh Fu 

0 Sterling Cash Fund. 


-SF 

_Y 

-DM 


0 Dottar Can Fund. 


a French Franc Can — FF 

KEY ASSET MANAGEMENT INC 
mKev ANoHokflnBi— s 

rnKey dobalHeden * 

mKev Hedge Fund lnc_ 


1183 

770 

1188 

108314 

83463 

16W21 

239187 

153*98 

107938 

225058 

288837 

229580 

144JO 

12770 

05780 

11930 

11*70 

8758 

85.40 

12750. 

12880 

13980 

15080 

13150 

947000 

10130 

mio 

122080 

137780 

127108 

112080 

109881 

113080 

10275 

25236 

15841 


Kl PACIFIC ASSET MANAGEMENT INC 


fflKI Asia Podflc Fd Ltd. 
KIDDER, PEABODY 
b Chesapeake Fund Ltd. 
b 111 Fund LM. 


b Inti Guaranteed Fund. 
b Stonehenge LM. 


1203 

298943 
114380. 
1372)6 
175957 

LEHMAN BROTHERS 3S7H/M 

0 Aston Dragon Port NV A 5 1043 

0 Aslan Dragon Port NV B — I 1048 

0 Global Advisors 1 1 NV A S 10J6 

0 Global Affvtsors II NVB S 1034 

0 Global Advisors Port NV AS 1051 

0 Global Adtfhors Pori NV B5 1043 

0 Lehman Cur Adv. A/B S 771 

tf Natural Resources NV A— s 9.98 

d Natural Resources NV B — I 978 

0 Premier Futures Adv A/B— s 974 

UPPO INVESTMENTS 
24/F LlPPe Tower Centre, 89 Queensmv >HK 
Tel (852) 8676880 Fdx (853) 596 0388 

w Jaw Fund — i 945 

w Asean Fixed Inc Fd 1 80 

wIDR Money MarkeiFd % 1293 

IV USD Mangy Market Fd l 1055 

w Indonesian Growth Fd S 24.19 

w Aslan Growth Fund— , — s *79 

iv Asian Warrant Fund s 488 

LLOYD GEORGE MNGMT (BSD 845 4433 

iv Antenna Fund 5 1886 

w LG Aslan Smaller C£AFd_S 19.1898 

» LG Indta Fund Ud S 1732 

Mr LG Japan Fd I 1089 

IV LG Korea Fd Pic s 1077 

LLOYDS BANK INTL (BAHAMAS) LM 
iv Uovds Amer lew Parffailo-S 
LOMBARD, ODIER & Cl E - GROUP 
OBUFLEX LTD (Cl) 
a Multicurrency S 


989 


ff Dollar Medtom Term, 
d Dollar Long Ter m 

a Japanese Yen— 

0 Pound Sterllna 

d Deutsche Mark _____ 
0 Dutch Florin . 


d hy Eurocurrencies. 
d Swiss Franc. 


-Ecu 


d US Dollar Short Term S 

d HY Euro Curr DMd Pay— Ecu 

0 SWISS MultlCMfTWnrv — 5F 

0 European CufTtncv Ecu 

ff Be Won Franc BF 

d Converttbie. 


d French Franc. 


0 Swiss Mu ttf-Dlvklind—SF 

0 Swiss Franc Short-Term 5F 

ff ConoOta Donor-.-. CS 


0 Dutch Florin Multi—, 
ff Swiss Franc Dlvid Pav. 

a CAD Muntlcur. Dhr 

ff Medllerranerxi Curr 

tf Convertibles- 


ff Deutschmark Sheri Term_DM 
MAGNUM FUNDS isle of Man 
TN 44-624 688 320 Fc « *4-624 688 334 

■v Magnum Fund s 

iv Magnum Miftl-FuM . 


3385 

2435 

19.14 

4KHU8 

2*40 

1754 

1*33 

1553 

1382 

1382 

1086 

1*37 

2182 

13579 

1471 

15487 

951 

16824 

1150 

1452 

1057 

1178 

1081 

984 

1805 


9215 

9254 

9072 

94.13 


iv Magnum Emera Growth FdS 
w MAgnura Agsns. Gnvtti FdS 
MALABAR CAP MGMT (Bermuda) LTD 

mMataaririnFuM -S 1887 

MAN INTERNATIONAL FUTURES 
mMint Limited -Onflnory — * 3*75 

in Mint LtaWlta- income * Dai 

m Mbit Gtd Ltd -5ooc issue _S 3526 

mMW Gtd Ltd- Nov 2002 _S 2*11 

ra Mint Gtd LM- Dec 1994 s 1781 

ffiMklf GWLtd-Aup 1995—5 143S 

mMlin Sp Res Ltd (BNP) S 9*39 

mMlrti Git) Currencies— — i 453 

m Mini Gtd Currencies 2C01 5 *70 

aiMMGGL FM 2003 S 584 

/nMkll Plus Gtd 2003 S 9.17 

mAShenaOtd Fuhvee.... S 1281 

m Athena Gtd Currencies. 5 *54 

mAttieno Gtd Financials Cop 5 1881 

m Athena Gtd Ftaanctols IncJ 1QW 

ra AHL Capital Mkts Fd s 1346 

raAHL Commodity Fund—- 1 11.17 

ra ahl Carnmey Fund J 784 

m AHL Real Time Trod Fd_5 *2! 

raAHL Gtd Reel Tune Trd — S *61 

raAHL Gld Cap Mark Ltd S HUB 

raAHL G4d Commodities Ltd J 99S 

OlMQP GtXtRHltna 1996 Ltd — l 181 

raMao Lworaoed Rbcov. LMJ 1054 

mMAPGuaRxileM2000 — -8 *84 

m MAP Gld 2801 S 959 

MARITIME MANAGEMENT LTD 
73 Front 51 Hamilton Berttado (BR)272 9789 
w Maritime Mtt-Sertar I LW-5 99X75 

wMorttlmeGOJl BMoSerUs-S 821 JB 

wMartllmeGtii Delta Series 5 78539 

MATTHEWS INTERNATIONAL MOT 
EMERGING ASIAN STRATEGIES FUND 

m Class A S 11*21 

ff Class B_ I 11731 

PACl FlC CONV STRATEGIES FD LTD 

ra Class a 8 9785 

tf Class B . - -■ —5 9*91 


DM -Deutsche Marks; ECU - 

SF- Swiss Franps;Y.--yai:J- 

“-BtflftR-B.Ofiw Priqe m 3% prefix-, 
and offered pricn. E; tettlMdod prlc*: Y- F™ 


- Dutch Ftorin: 



MAVERICK (Cayman) 4109) 949-7943 

m Materia Fund X 1537982 

MCKINLEY CAPITAL PARTNERS. LTD 

ra The Corsair Fond LfO S 77 JO 

rathe Dauntless Fd Ltd s 11U0 

MEBSPIBRSON 

Rokln SS, lOCSik. Amsterdam OO-miHt) 
w Asia Poc. Growth FdN.V._S 4046 

nr Alta Capital HoUlngs_— S 0245 

xr Aston Selection Fa N.V Fl 10269 

w DP Amer. Growth Fd H.V. -I 3636 

w EMS OHshore Fd H.V. Fl 10153 

w Europe Growth Fund N.V. -Fl 68J5 

wjanon Diversified Fund —8 5275 

w Leveraged Cop Hold. s 6*31 

MERRILL LYNCH 

tfDeiiar Assets PenMla S 188 

d Prime Rate PorNolia— S 1080 

MERRILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

ff Class A S 838 

d OassB S 831 

MERRILL LYNCH 

GLOBAL CURRENCY BOND SERIES 
AUSTRALIAN DOLLAR PORTFOLIO 
tf Category A AS 


d Category 8- 


-AS 


CANADIAN DOLLAR PORTFOLIO 

ff Category A CS 

ff Category B. 


1784 
1746 

M23 
1384 

*98 
982 
870 
9J9 

1386 

. . 1270 

EUROPEAN BOND PORTFOLIO (DM) 

rf Class A*1 S 1354 

ff Class A-2 5 1537 

0 OassB-l S 1354 

0 Class B-2 S 1*11 


CORPORATE HIGH INCOME PTFL 

0 CkKSA-1 S 

0 Clara A-2 X 

d Class b-i s 

0 Class B-2 s 

DEUTSCHE MARK PORTFOLIO 
o Category A DM 


tf Category B. 


_DM 


EUROPEAN BOND PORTFOLIO (USS) 


ff OassA-I. 
0 Class A-2- 
0 CUSS B-I. 
rf Oats B-2. 


-DM 


POUND ST E RUNG PORTFOLIO 
ff Category A C 


US DOLLAR PORTFOLIO 
0 Cahworv A. 

tf Category B_ 


YEN PORTFOLIO 
0 Category A. 

0 Category B- 


933 

1038 

933 

1*29 

1571 

1558 

1346 

1X05 

1280 

1245 

2233 
21 J2 

985 

953 


MULTI CURRENCY BOND PTFL 
ff r»"«« A « 

* CtostB * 

US FEDERAL SECURITIES PTFL 
ff <*x«a | 

0 OassB S 

MERRILL LYNCH 
EQUITY /CONVERTIBLE SERIES 
BASIC VALUE PORTFOLIO 

a Oass a s 

ff CtasiB S 

CONVERTIBLE SECURITIES PTFL 

ff OossA * 

rf Class B S 

GLOBAL ALLOCATION PTFL (USS) 

0 Class A S 

ff Class B S 

GLOBAL EOUtTY PORTFOLIO 
d rimn c 

ff Claes 8 s 

EURO EOUtTY PORTFOLIO 

0 Class A 5 

0 Class B I 

LATIN AMERICA PORTFOLIO 

0 Class A 5 

0 OassB. 6 

PACIFIC EQUITY PORTFOLIO 

0 Class A I 

0 Class B_ S 

WORLD NATURAL RESOURCES PTFL 

0 Class A S 1207 

tf Class B X 1153 


1582 

U32 


I486 

1350 


1030 

1031 


1059 

9.97 


1445 

1488 


17.94 

175) 


976 

9J4 


DRAGON PORTFOLIO 
a Class a. 

0 Class B. 


1786 

- — 1*74 

MERRI LL LYNCH EMERGING MARKETS 

ti OossA S 1789 

0 Class B S 1U8 

MERRILL LYNCH INC I PORTFOLIO 

0 Class A- S 052 

ff atnsB % 852 

0 Oass C -4 852 

MERRILL LYNCH MEXICAN INC PORT 

0 Mexican toes Ptfl a A I 9J8 

a Mexican IneS PM GB S 9 JO 

ff Mexican Inc Peso Ptfl a A 5 *89 

0 Mexican Inc Peso Ptfl DBS *88 

MOMENTUM ASSET MANAGEMENT 
iv Momentum Naval Iter Pert— S 9738 

m Momentum Rainbow Fd s 11482 

m Momentum RxR R.U 6 7*48 

m Mo men tom stodiinaster S 19972 

MORVAL VOHWILLER ASSET MGT CD 

21580 
1*00 
1034 
157* 
1239 
1383 
1174780 
11.15 

1252 
1449 
854 
2354 
980 
971 
1289 


w Wilier Japan v 

nr Wilier South East Asia 6 

nr wilier Tetecnm S 

nrWUiertiinds-WBlerfeond GopS 
nrWUlerfunds-WlllertaM EurEcu 

nrWUleriunds-WIUereq Eur Ecu 

wwn lemmas- Winer eq Italy JUt 
tvWHleriunds-Wlllefea NA__S 
MULTIMANAGER M.V. 

m World Bend Fund Feu 

m European Equities Ecu 

niJamae Equities. 


mEmeralng Markets 1 

mCasn Enhaieemeni S 

d> Art) Drag* 5 

in Hedge.. -* 

HICH0LA5-APPLEGATE CAPITAL MGT 
0 NA Strategic Opportunities* 10189 

w NA Flexible Growth Fd__S 14734 

w na Hedge Fund.. — -J 133.19 

NOMURA INTL. (HONG KONG) LTD 

d -Nomura Jakarta Fund 8 1U1 

OOET ASSET MANAGEMENT LTD 
21 Grasvcnor SUXki WIX 9FE84-71-499 2991 

0 Oder European- DM 121.18 

wOdey European — — 5 13180 

wOdev Eurap Growth Inc DM 13354 

•vOdevEurap Growth Acc — DM 13485 

erOdev Eure Grth Sier Inc r 547S 

wOdey Euro Grth Ster Acc— f 5498 

OLYMPIA CAPITAL INTL. INC 
WUIams House. Hamilton HM1 1. Bermuda 
Tel: B09 292-1018 Fax: 00929S-2305 

nr Rrtsburv Group S 22234 

nrOlvmptoSecurlteSF SF 16200 

nr Otvmpla Stas Emera MkteS 98*71 

nr Which. Eastern Dragon S T754 

w Winch. Frontier S 20070 

w winch. Fut.Olympio Star -J 16134 

w Winch. G1 Sec Inc PI f A] S *92 

iv Winch. Gl Sec Inc PI (C) S 9.10 

raWIndv Global Healthcani — Ecu 110970 

nr Winch. Hldg InO Modbon— Ecu 153*49 

nr Winds Hldg Infl Ser D Ecu 1794.17 

IV Which. Hide Inn Ser F Ecu 178335 

IV Winds Hide Qty Star Hedges 1B1LB7 

IV winds Rescr. Multi. Gv BiLS 1836 

w Winchester Thailand S 3*11 

OPPENHEIMER BCD. INC Fd! 
b Arbitrage International— 1 10542 

a Emera Mkts mn ii s 10830 

b Irm HartXM Fund II S 9950 

OPTJGEST LUXEMBOURG 
b Opttotal GM Fd- Fixed inc-DM 153J4B 

b Oattoest GM Fd-Gen Sub FJDM T79.191 
OPTIMA FUND MANAGEMENT 
73 Front SL HomlltonAvmuda 80*2958458 


iv Optima Emerald Fd Ltd. 
nr Optima FtxxL 


vr Optima Futins Fund, 
ir On lima Gtobai Fund. 


w Optima Pertarta Fd LM S 

iv Optima Start Fieri 5 

w The Platinum Fd Ltd S 

ORBITEX GROUP OF FUNDS 

0 Ortdtex Asia Poc Fd 1 

d Orbitnx Com * info Teen Fds 

0 Orb) tax Growth Fd S 

d Oral tax Health * Envlr FdJ 
ff Ortt tex Japan Small C» FdJ 

d Orbllex Natural Ras Fd CS 

FACTUAL 

tf Etaraitv Fund LM S 

0 InDnity Fund Lid I 

ff Novostor Fund- 


a Star High YleM Fd Ltd. 
PARIBA$4ROUP 

w Luxor 

ff POrvest USA B_ 


d Parvesf Japan B 

0 Parvest Asia Pad! B. 

0 Parvest Europe B 

0 Porvwl Holland B 

0 Parvest France B. 


d Porvesl Germany B DM 

0 Parvest Obi HJolkir B s 

d Parvest Obll-OM B— DM 

ff Parvest OWFYen B_ — -Y 

0 Parvest OMi-Gulden B Fl 

d Parvest CHX 1-Franc B FF 

d Parvest Obli-SlerB C 

0 Parvest Obll-Ecu 6 Ecu 


0 Parvest ObiHMux B_ 
0 Parvest S-T Dollar B_ 
0 Parvest S-T Europe B. 

0 Parvest S-T DEM B 

0 Parvest S-T FRF B 

d Pnrvest S-T Bef Plus 
d Parvest Global * 


.LF 


0 Parvest int Beta B 

ff Parvest Dbll-LlraB 

ff Parvest Ini Equities B_ 

ff Parvest UK B 

ff Parvest USD Plus B 

0 Parvest S-T CHF B — 
tf Parvest OM FConado 
0 Parvest OBD-DKK B. 
PERMAL GROUP 
f Em er g in g AMrts Hlda 
f EuraMir iEa»> Lia 


f FX. Flnandab* Futures— s 

t Growth M.V, S 

f investment Hkkro N.V S 

f Media * Communications— S 

1 Nascol Ltd— S 

PICTET • CIE* GROUP 
0 Araerasec. 


1079 
1781 
I7J9 
1*15 
1883 
782 
1*87 

58172 

*1174 

73448 

*8770 

4J997 

1372S5 

wsw 

5437942 

1143831 

15*1284 

852 

2358 

5M2D0 

7X74 

2445 

13*17 

117933 

28781 

17351 

17X10 

1414480 

31*70 

94482 

7983 

130.19 

151*08 

12270 

13375 

27B5B 

92489 

534380 

7 moo 
2210 
57149780 
11071 
8880 
9089 
2S5.9S 

18981 

92470 

93343 

154943 

97*82 

272048 

131200 

18714a 

186*84 

5X13 

6*03 

9221 

sent 

905488 

10495*00 

117*19 

20153 

23181 

17928 

93457 

9524 

38*72 

9978 

11581 

47X94 

21X93 

T41J4 

1029 

21544 

61185 

49X73 


tv PJC.F UK vm (Lux) r 

iv P.CF Germain* I Lux) DM 

»PLF Naramvai (Lux) 5 

w P.CF VaJIbcr (Lux) Ptal 

w Prj= ValRalia (Lux) LIT 

»PLF Volf route ILuxJ FF 

w P.U.F. Valbond SF R (Lux) JJF 
w P.U.F. Vulbond USD (Lux) J 
w P.U.F. Valbond Ecu (Lux) -Ecu 
w P.U.F. valbond FRF (lux).ff 
w P.U.F. Valbond GBP (Lux>8 
w P.U.F. Valbono DEM (Lux) OM 
iv P.ILF. US S Bd Ptfl (Lux)— S 

»P.UJ=. Model Fd Eca 

w PJJj=. Wdlta SF 

iv P.U.T. Emera Mkts (Lux] _J 
w P.U.T. Eur. OPPOrt (Lux) —Ecu 
b P.U.T. Gioboi value (Lux] -Ecu 
w P.U.T. Eixwal (Lux)— Ecu 

rf Pictet volsuisse (CH) SF 

ra toil Small Cap I I0M) S 

PREMIER INVESTMENT FUNDS LTD 
c/a PjO. Bax 110* Grand Cayman 
Fax: (509) 9494)93 

m Premier US Equity Fund _jl 120*40 

ra Premier Inti Eq Fund % 127459 

m Premier Sovereign BdFdJ 75356 

m Premier Global Bd Fd— J 147470 

ra Premier Total Return Pa s 9*759 

PRIVATE ASSET MGT GAM FUND INC 
Guemsev;Tel:(fl0444S1> 723432 F»:72MS 
iv Private Asset Mat gam Fds 10072 

PUTNAM 

ff emerging HHh Sc Trust— 5 3*17 

iv Putnam Em- into. ScTrtMJ 4239 

tf Putnam Glob. High Growth 5 17.11 

ff Putnam High uicGnma Fas 753 

d Putnam inn « 1584 

OUANTUM GROUP OF FUNDS 

» Aslan Devetopmeni— .3 1B3J0 

•v Emeralno Growth Fff N.V-* 18984 

wOuantam Fund N.V. S I71B374 

■vQuanlum Industrial- i 10755 


wOuantum Roafly Trust .1 13*34 

iv OuDDtum UK Realty Fund^ 10755 

iv Quasar uni Fend N.v 3 152ft 

e> Quota Fund H.V ■ J HUB 

REGENT FUND MANAGEMENT LTD 

1X64 

*255* 
1U7 
33*79 
4890 
*09*1 
23394 
28*79 
*5834 
21B3 
27193 
12930 

IJ963 
1*82 
1J9J449 
1B7D 

1157 


iv New Korea Growfh I . 
m Nava Lot Podflc Inv Co. 
w Podflc AiMtroet Co —5 

m RJ_ Country wrnl Fa s 

ff Resent OM Am Orm Fd— 5 
d Re gent OM Euro Grth Fd-« 

d Regent GIM Ud Grin td 1 

ff Regoni GM Jos Grth Fd_jt 
ff Regent GMPedf Basin — S 
tf Resent GIM Reserve. -.5 
tf Regent OURi 
rf Regent GIM Tiger, 
ff Regent GM UK Grth i 

nr Regent Moobul Fa Ltd S 

ra Regent Podflc Hdg Fd s 

w Regent Sri Lanka Fa l 

ff UndervalAn Taiwan 5er 35 

v Undervalued Assets Ser l —5 

ff White Tiger Inv Co Ltd 5 

REPUBLIC FUNDS 

w RenusHe GAM S 13*31 

wRmbllc GAM America — s 11581 

■vRepGAMEmMkUGkbai-S iaig 

iv (ten GAM Em Mias Lor AmS 07 Js 

iv Repubtk GAM Europe CHFSF 1T218 
xr Repabfle GAM Europe UBS 7777 

w Republic GAM Gfwih CHF JF 10275 

iv Republic GAM Growth c t 9971 

■V Republic GAM GrowmUSLS I47J4 

w Republic GAM Ogpartuntty 5 11X54 

n> Republic GAM Pacific S 14*33 

w Rep Gtab Currency s hhi-D 

iv Rap Gtao Find Inc s TO6J1 

w Republic Gnwr Dot Inc — S WUS 

iv Republic Gnsey Eur InC DM 1U4 

w Republic Lot Am AHoc S 10153 

iv Republic Lot Am Argent. —5 9*37 

w Republic Lot Am Brazil S 11034 

ir Republic Lot Am Mexico s 100.19 

xr RtaPbUc Led Am Vcnez S 8353 

w Rep Sojemen SlnilxutaJ S 8857 

ROBECO GROUP 

POO 973500* AZ Rotterdam, IIine2MT224 

ff RG America Fond R 13*10 

ff RG Europe Ftma Fl bub 

0 RG PadhC Ftnl R 14*50 

ff RGDirtrenteFund R 5170 

d RG Money PlUtF Fl Fl 11*52 

More RobecD see Amsterdam 5todES 
ROTHSCHILD (GROUP EOMOHD DEI 
IN-HOUSE FUNDS 


IV Aston capital Holdings Fd_S 
hr Dptwo LCF Rothschild Bd_» 

wDahtaLCF Rntnscti Ea S 

w Force Cash Tradtttan CHF SF 
w Ldcom I 


xr Leveraged Caa HoHkiM . 
wObn-Vbtor. 


JF 


■r Pri ChoOcnpe Swiss Fd 

b Prtaoulty Fd-Europe— Ecu 

b PrtequHy Fd-Hetvelta SF 

b Prtoquttv Fd-Latin Am— — S 

b Prtoona Find Ecu Feu 

b Priband Fund USD. S 

O Priband FtfHY Emer MMX8 

wSelecttve Invest SA 5 

b Source s 


w US Bond PM. 
wVarkuihH- 


-Eca 


4285 
180288 
104*20 
1D4NW5 
27142] 
4*31 
94*69 
107*71 
114335 
103859 
1498*1 
114X55 
109,9*7 
1 19.141 
367510 
1883130 
931849 
103284 


ROTHSCHILD (CROUP EDMOND DC) 
OTHER FUNDS 

ff Ado/ Japan Emxro. Growth! 1759970 

tv Esprit Eur Porto inv Tsi Ecu 133191 

ur Europ Strain Investm M— Ecu lasjw 

b Integral Futures 5 92X47 

rf Podflc Ntas Fmd S 957 

l setadtan Horizon FF 8171325 

b Vldoire Ariane S 5HB4I 

ROTHSCHILD ASSET MGMT (CJ) LTD 

rari emro d Leveraged Hid S 85*7) 

SAFDIE OROUP/KEY ADV 150 RS LTD 
raKay Diverstflad Inc Fd LfaLS 11J1192 
b Tower Fund Gtoood Beta _S 997191 
8 Toner Fund GtaiMi Equity J 
SANTANDER NEW WORLD INV. 

raCammnnitar Fund S 10*778 

m Explorer Fund 5 122238 

SC FUNDAMENTAL VALUE BVI LTD 
Tti 599 9 322000 Fax 599 9 222031 

m HAY S 132951 

SKANDINAVISKA E NS HILDA BANKER 
5-E-BAN KEN FUND 
tf Eutopo inc 


d FlarranOstarnlK 
ff Gtabai Inc 
ff Lafcamodcl I 
ff Widen inc 
tf Japan Inc 
ff Mil lo me 
ff Sverige inc- 
ff Nordamerika 
ff Teknotogl 1 
tf Sverige ito 



ktatond 


SKANDIFONDS 
tf EouUy litfl Ace. 


tf Equity Inn Ine- 
rt Equity Global, 
ff Equity Not R* 
ff Equity Japan- 
ff Eaultv Nonflc. 
ff EouHvUJC. 


ff Equity Conttnenui Europe_S 

ff Equity Mediterranean S 

ff Equity North America— 5 

ff Eaultv Far East— t 

d Inn Emerging Markets S 

tf Band IntS Xer * 

tf Bond mn inc % 

ff Band Europe acc _S 

ff Bond Eurow i 


-sek 

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J3M 


ff Band Sweden Aa. 
d Bond Sweden lnc_ 

0 Bona DEM Ace— 

tf Bond OEM I 

ff BondDofloruSAcc. 
ff Bond Dollar US Ik. 

d Curr. us Dollar. 

a Curr. S we dis h Kronor Sek 

ff Sweden FlaxIbteBd acc — S ok 
tf Sweden Flexible 8d Ik — S ok 
50C IETE GENERA LE GROUP 

ff Asia Fund — Y 

ff HTWCaTA. 
d BTWCflt B. 


wSGFAM Strut FdOhf. 
IV 5GFAM Strut Fd 
SOGELUX FUND (SF) 
W5F BondsAUJLA 


wSF Bands B Germany— —DM 

w SF Bonds C France FF 

W SF Bondi EGB 1 

wSF Barest F Japan Y 

xr SF Bends G Europe— — —Ecu 
wSF Bands H World wlae — i 

wSF Bomb I llatv Ut 

iv SF Bonds J Betel um BF 

w SF Eq. K North America— 9 

w SF Ea. L Wfurane Ecu 

iv sf Ea. M Podflc Basin — Y 
w SF Eq. P Growth Count rln 5 

iv SF Eq. O Gakf Mines 9 

wSF Eq. R World Wide 9 

w SF Sbart Term S Franc*— FF 

iv SF Short Term T Ew Ecu 

SODITIC ASSET MANAGEMENT INC. 

IV SAM Brozlt 1 

w SAM Diversified 5 

iv SAM/McGarr Hedge. 

w SAM Opportunity 

wSAM Oracle. 


*99 

182 

181 

072 

1.10 

1*23 

AM 

10.11 

074 

1.11 

1071 

1724 

1354 

155 
180 

9754 

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181 

157 
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171 

156 
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124 

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138 

184 

158 
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1556 
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12522 
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2350 
1735 
1037 
290*00 
80780 
1739 
1554 
1530 
1064 
3035 
1590 
17*8212 
1*49 


iv SAM Strategy. 
raAtahuSAM. 


wGSAM Composite. 


SR GLOBAL BOND FUND INC. 
mOats A Distributor^— _3 
m Cieos A Accumulator— 5 
SR GLOBAL FUND LTD 
mSR EbfBPBBP B 

mSR Asian. 


259.17 

13172 

12290 

13LH 

11920 

1US5 

12X44 

33S71 

10239 

10231 

1007* 

10*12 

10X40 


mSR I nta ran tta n ol % 

9VENSKA HANDELSttANKEN SJL 
144 Bd de to Petrusso LG390 Luxembourg 

b SHB Band Fund S 5454 

1573 

r_S 1563 

41JS 1171 

fSeLFdlansn — I 6030 

, Set Fd Japan Y 387 

iScL FdMtd-MM—Sek 11329 

iEK 10254 

1 *31 

140*71 



Set Fd Nordic. 
Sri. Pd Pocif ST 


rf S8C Equity Ptfl-Conodu — CS 
d SBC Equity PtH-Eurae. — Ecu 

tf 5BC Eo Ptfl-Nethertands Fl 

0 SBCGaYtBd.BI 


SBC Bond PtfMuetrSA. 

SBC Band PtfhAuStr 9 B AS 

SBC Band PHKtonSX CS 

SBC Bond PttFCmiSB CS 

SBC Bond PHt-OM A DM 

SBC Bond Ptil-DM B— DM 

SBC Band Ptfl-Outch G. A_FI 

sac Bond Ptflouicn g. b_fi 

SBC Bond Ptfl-Ecu A Ecu 

SBC Bond Ptfl-Ecu B Ecu 

SBC Bond PttVFF A FF 

SBC Bond Ptfl-FF B FF 

SBC Bond Pttt-Ptos A/B — Pirn 
SBC Bond Ptfl-Starftao A — £ 
SBC Bond PM-SterBitg B __i 
SBC Bond Porttollo-SF A — SF 
SBC Bond Porttotlo-SF H— SF 

SBC Bond PHMI5S A S 

SBC Bond PtfHISS B 1 

SBC Bond Ptfl- Yen A .Y 

SBC Bond PtfFYen B Y 

SBCMMF-AS AS 


166*50 

20*00 

22080 

1*400 

38280 

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9*70 

11771 

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12*44 

15581 

17723 

i«w 

17*49 

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12786 

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652.94 

928080 

4935 

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1040.10 

137*55 

9770 

10989 

14455*80 

11436080 


-BF 


tf SBC MMF - BFR_ 
ff SBCMMF- 


d SBC DM Short-Term 

tf SBC DM Short-Term B DM 

0 SBC MMF- Dutch G Fl 

0 SBC MMF ■ ECd. Em 


ff SBCMMF-Esc. 


-Esc 


tf SBCMMF-Ptas. 
tf 5BC MMF -Seta lino, 
ff SBC MMF- SterlO 
rf SBC MMF- SF. 
d SBC MMF -US- Dollar. 
d SBCMMF-USVII— 
ff SBC MMF -Yen- 


11492380 

410X16 

1B4B70 

136*70 

751*68 

285772 

4774A580 

2581439 

957125380 

37399*00 

32439X1 

289221 

raranx 

735113 

213083 


d SBC Gnu- PHI SF i 

0 SBC GiM-PTft Ecu Grth Ecu 

ff SBC Glfai-Ptfl USD Grid S 

tf SBC Gfel-Ptfl SF Ykt A. 5F 

rf SBCGtUJPtflSFYkjB SF 

ff SBC GUN-PHI ECS Yld A Ecu 

d SBCGflH-Plfl Ecu YM B Ecu 

ff 5BC GUN-Ptfl USD Ykt A 9 

ff SBC GlbNPtfl USD YM H_5 

ff SBC Glbl-Ptfl SF IK A SF 

ff SBC GIM-Ptfl SF IK B SF 

tf SBCGIbNPtfl Ecu IK A Eca 

d SBC Gicrnfl Ecu Inc B. Ecu 

d SBC G&J-ttfl USD Inc A— S 

ff SBCGW-Ptfl USD Inc B 5 

ff SBC Gibl PtfWM Growth -DM 

rf SBC Gfbi Prfl-QM YM B DM 

rf SBC GW PtfWM IK B— J3M 
tf SBC GibFPtfl DM Bal A/B-DM 
0 S&C GIM-Ptfl Eca Bal A/B. Eai 
ff SBC GIM-Ptfl SFR Bat A/B.SF 
0 SBC GIN- Ptfl USI Bal A/B J 

0 SBC Emerolna Moricets s 

ff SBC Small & AW Cans Sw^SF 

ff SBC Not. Resource US 5 

rf SBC Dm Floor CNF 95 SF 

ff SBC Dm Floor USD M 9 

ff AmertcpVitfor...ii— ... 5 

tf AngioVcPor t 

AaJaPorlfolkL 


ff Convert Bond Select tan. . 

ff D-Mark Bata 5etacflen DM 

ff Doflor Bata Setect tan 9 

ff Ecu Bsod SriectfM Ecu 

ff Flortn Bond Sriecthm Fl 

d FranceVo6or — FF 

d German taVotaT- 
tf GoMPortiaita. 


109769 

121477 

11*561 

H0O51 

115054 

11ZLI3 

129375 

101224 

117751 

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107770 

104722 

113187 

95466 

1032.14 

100*19 

ttlOLSi 

101*06 

97924 

78153 

76776 

99*41 

120274 

47780 

41288 

99Q80 

98980 

34*33 

20*92 

73976 

7054 

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13*21 

10U4 

11981 

183277 

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41223 


tf ibortavDior. 
ff rite valor. 


Jjt 


5314980 
41791380 
23*2*00 
11184 
10714 
51725 
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1)73488 

Templeton global stratsoy skav 


d Jmmftwtoh — 

ff Sterllna Bond Selection— t 
ff Sw. Fareirat Bota SeiedtonlF 

rf SwiKVMbr. SF 

ff liohrerM Bond 5eiea)on— SF 
ff Universal Fata— — SF 
ff Yen Bona sttaction. 


d Global Growth O a. 

tfGloea Growth a B s 

ff dm Gtabai arawm dm 

d Smaller Companies a A — 6 

ff Smafter Companies a B X 

tf infrasir.fc CommuntatflonJ 

d Pan- AmalcoD Cl A S 

0 Pon-Amerkon O " « 

0 Eimaen n « 

rf FotEbM . % 

tf China Gfftvwoy , . . ... 9 

d Emeratog Markets CIA — 9 

ff Eawrainb Markets Cl B s 

tf Globol utilities s 

tf Global Converttale s 

ff Gtabai Balanced 9 

tf Gtabe4 Income CIA S 


ff Global Income Cl B. 
tf DM Global Bata- 
d ven Global beta. 


-DM 


ff Emera Mkts Fix IncCl A-5 
tf Emera Mkts Fix IncOB-J 

tf US Govenuiieul 9 

ff 


1X68 

1034 

1369 

1X11 

1085 

9.90 

1773 

nil 

1081 

1*30 

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1787 

1*56 

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1027 

1BJ3 

1X73 

HU* 

1880 

99*49 

1)66 

1021 

920 

1076 

1*05 

1081 


tf USS Liquid Reserve 

ff DEM LJtoilff Reserve dm 

TEMPLETON WLW1DH INVESTMENTS 
GROWTH PORTFOLIO 
rf Class A-l . < 11*3 

d DmM . . % 17.98 

rf QonAJ - - e 1X44 

rfChmh.1 . % HI! 

rf Clan B-2. 3 178* 

INCOME PORTFOLIO 

tf Ckm A — _ i 0X1 

tf Class 8. S 928 

THORNTON INVESTMENT MGMT LTD 
33 Queen SLLondon EC4R 1AX 071 2443000 


ff Paclt Invt Fd SA C- 


ff Padt Invl Fd SA dm DM 

tf Eastern Cnooder Fund S 

ff Thar, um Dragons Fa Lid J 
a Thornton Orient toe Fa LM 9 

rf Thornton Tiger Fd Ltd * 

tf Masoned Median s 

iv Jakarta. t 

tf Korea. 


NEW TIGER SEL FUND 
ff HongKOnp 


d PnlHpoln*s_ 

tf Thailand 

ff Motorola.— 
0 Indonesia- 


tf U 53 Uquks TV. 
0 Chita- 


tf Slpwpyr | 

THORNTON TAIWAN FUND 

0 Eauflv Income S 

0 Rarity Growth * 

0 Uouraitv- « 

UEBER5EEBANK Zurich 

d B-Futa 

0 E ■ Fund 

0 J- Fund, 
tf M-Fund. 


JF 


tf UBZ Euro-income Fund SF 

ff UBZ world income Foret —Ecu 

tf UBZ Gold Fund S 

rf UBZ Nbaion Convert _$F 

rf Ada Growth Convert SFR -5F 
tf Asia Growth Convert USt_* 

ff UBZ DM- Bond Fund DM 

ff URZD-Fivri __ m u 

a UBZ Swiss Equity Fund SF 

ff UBZ American Ea Fund t 

ff UBZ9- Band Fund S 

ff UBZ Southeast Asia fd s 

mUBZ Diversified Sirotas A J 
ra UBZ DtvwsHtod Stratas B J 
UNION BAMCAIRE ASSET MOT tUBAM) 
INTERNATIONAL. NASSAU 

w Arttkl Invest _.S 

wArmlmiroi . . 3 

wBacofla 


1X97 
3*02 
1X79 
41.90 
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57,18 
not 
1468 
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5021 

1721 

Mi 

•SJB 

2*99 

2477 

827 

1025 

1480 

2*74 

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1*57 

1080 

110X53 

58912 

35720 

117661 

1022 

5286 

13155 

115426 

117248 

115485 

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107.74 

9328 

9X11 

I01J0 

100323 

100321 


w Beck invest . 
mt Brudrrvtnt. 
wDlnhXui 
wOlnvwt. 


wDinvnl Asia ! 
wDInvesI Gold 8. l 
ivDinvasI Indta. 


wDinvast Inti Fix IK StroiwS 
ivJaglnyest . . - s 

w Mmmlnwm i 

iv Marl Invest. * 

w Moor Invest. 


wMaur Invest Coming led 
w Mour Invest Ecu, 

wPutoar « 

wPutsor Overfy_ 
wGuanttnv BM — 

» Quent in m i 93_ 
w Stebiintfest __ 

w Tudlnvcst 

w Urslnvest. 


Ecu 


248*661 
991.971 
107*001 
127072 1 
116*841 
1015641 
252*811 
1089841 
99*571 
94*38: 
058241 
199*541 
931251 
1271241 
1491851 
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1594221 
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1701891 
2408641 
134*691 
2104201 
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420411 


UNION BANCAIRE ASSET MOT (UBAM) 
INTERNATIONAL LUXEMBOURG fmm 


w UBAM 9 Bond. 

w UBAM DEM Band DM 

iv UBAM Emerging Growth _S 
W UBAM FRF Bond___f=F 
w UBAM Germany DM 


w UBAM Gtabai Bond Ecu 

ivURAMJteirai . Y 

iv UBAM Sterling Bond ( 

w UBAM Ufa Pact! * Asia I 

iv UBAM US Equities 9 

UNION RANK OF SWITZER UU4D/IMT RAO 


1149201 
I12tlir 
100173 Z 
5449241 
1D69211 
1444231 
922X0*1 
97187 
217.151 
115X531 


ff Amco- 


tf Bond- Invest, 
d Brit-invest_ 
ff Canac- 


-5F 


ff Canvert-invesl 
ff DMark-InvH 
d Doiiar-invest, 



ff Hadand-lnvest. 

tf (toe 


ff Jopan-lnves!_ 
tf PacMc-toyesi- 
ff Saftt. 


_5F 

-SF 

-SF 


tf Skateflmvtcn-lnvest. 

ff Slrrllng-lnvost c 

ff Swbs Frooc-lnvest SF 

tf 51ma — 5F 

tf Swbsroal. 


ff UBSAmertcn Latlrw SF 

tf UBS America Lo«na S 

tf UBS Asia New Horizon 5F 

ff UBS Asia New Horizon A 

ff UBS Small C Eurooe SF 

ff UBS Small C Europe DM 

ir UBS Port inv SFR inc SF 

ff UBS Part Inv SFR Cap G_5F 

tf UBS Part Inv Ecu toe SF 

ff UBS Pert tov Ecu toe Ecu 

ff UBS Part inv Ecu Caa G SF 

ff UB5 Part Inv Ecu Coe G Ecu 

0 UBS Port Inv uss Ik s 

0 UBS Port Inv uss inc SF 

0 UBS Port Inv USS Cap G— 6F 

0 UBS Part Inv USS Cop G S 

0 UBS Port inv DM Inc SF 

0 UBS Port inv DM ' 


0 UBS Port inv DM Cop G SF 

0 UBS Port inv DM Can G DM 

0 UBS Port inv Lit Ik SF 

0 ubs Pan inv Ul toe ut 

0 UBS Pori Inv Lit Cap G SF 

0 UBS Port Inv Ul Cap G Ul 

d UBS Pori Inv FF Inc SF 

ff UBS Port Inv FF Ik FF 

ff UBS Port irwFF Cap G 5F 

ff UBS Part inv ff cap G FF 

rf Yen- Invest Y 

tf UBS MM (mresl-USS s 


d UBS MM Invest-CSt. 

ff UBS MM Invrst-Ecu Ecu 

0 UBS mm Invest- Yen Y 

0 UBS MM Jmut-Uf Ut TS7513060 


4125 y 
55. Wv 
13560 v 
7125 V 
12240V 
19118 y 
10466 V 
10768 v 
15280 V 
3J180Y 
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18*00 y 
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32X50 v 
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23*507 
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189.187 
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10280V 

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9346 y 
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dUUMMImeMFRA SF 517387 

d UBS MM Irvest-SFR T 5F 58W27 

tf UBS MM Inweel-FF FF 537435 

ff UBSMMlRvest-HFI Fl 1945J0 

tf US6 MM Invest -Can S CS 104380 

ff UBS MM tmiest-BFR BF 271W80 

ff UBS Short Term Inv-OM DM 56*18 

0 UBS Beta lnv-Eai A — —Ecu mi 45 » 

rf UBS Bond Inv-Ecu TJ Ecu 151.73 y 

d UBS Bond Ihv-SFR SF WJOy 

tf UBS Bota Inv-DM DM 10X31 Y 

rf UBS Bond Inv-USS I 9567 v 

rf UBS Band Inv-FF FF 104285 V 

rf UBS Bond IftvCen 9 CS 10223 v 

ff UBS Bond InwUt Lit 111873980 v 

d UBS B.I-US* Extra Yteld_s 9X84 y 

rf UBS Fl* Term lnv-5FR 96-SF 10687 V 

d UBS FU Term Inv-OM 94—DM 189.12 y 

ff UBS FU Term Inv-Ecu 96— Ecv 10784 v 
rf UB5 Fix Term Inv-FF M_FF 10825 V 

rf UBSEalDY-EuroPOA DM 219.15V 

d UBS Ed rnv-Eurape T DM 22*08 y 

ff UBS Eq Inv-S Can USA 1 11*27 y 

tf UBS Port I Fix Inc (SFRI-SF 9484 V 

0 UBS Port I Fix IK (DM) — J)M 9924 y 

rf UBS Port I Fix Ik (Earl— Ecu liXLEv 
rf UB5 Port I PU Ik (USD— 6 10821 V 

d UBS Port I Fix IK (Lit) Ul 10123080 V 

d UBS Pert IFbt Inc (FF) FF 401 toy 

d UBS Cop luv-eono uss s io*I7v 

tf UBS Cod lnv-90/WGerm — DM I2l6«y 

WORLD FOLIO MUTUAL FUNDS 
ff S Dally income 9 


rf DM Deny income, 
fl % BOM Income— 
d Non - 5 Bands. 
d Global Bo 


0 Global Balanced- 
d Global r •- 


0 US Coraemtlve Equities-* 

ff US Aaresslve EauRies s 

ff European Equities 9 

0 Pacific Equhtas I 

0 Natural Resources S 


Other Funds 

w ActlcToteancff Sicov . 
w Act Whence staav— 

wAclltuture* Ltd 

wAcilaeatieaSIcav 

HrAdlveS inn Sicov— 

ur Adelaide 


-FF 


at Advanced Latin Fd Ltd S 

m Advanced Pacific Strat— J 

w AlG Taiwan Fund A 

w Alexandra GM Invest Fd u 
raAteia investment—. —5 
or AauHa International Firad-S 

w Arttfln investmeal s 

w Argus Fund Datanced SF 

w Argus Fund Bowl ....SF 

ff Asia Oceania I ... 
ur ASS (Gtabai) AG. 
ra Associated investors Inc— 6 
iv Athena Fund i w - -8 

w ATO NfUta Fund S 

■v Banzai Hedged Growth Fd -9 
nr Beckman lot Coo Acc— S 

ivBEM totenattonal LM S 

tf BttubemMorval EEF _Ecu 

mBIeonar Gtabai FdASh 9 

mBhwnor Global FdBSh— 2 
mBtoomr Gtabai Fd Caymans 

iv Brae interned lonco FF 

ff r" t" m ^ 

fflCel Eure Leverage Fd LhLS 
m Capital AssarM India Fd_l 

ff CB German Index Fund DM 

mCwttmv Future*— _S 

mCervIn Growth Fund l 

raCMHan int) (BVfi lm t 

nrCMoa Vlstan ... i 

I Limited. 


wCItoOM I 

ff CM USA. 


SF 


x/CMi tovestment Fund— Jt 
mCML Strategic Bd Fd lm i 


188 

180 

1767 

27.13 

2*81 

1084 

1984 

1422 

148! 

IL15 

1428 

*87 


50542 

S49J8 

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50787 

2*21 

99126 

19X48 

9SJ4 

9496 

14*063 

1181 

721089 

55128 

91981 

117288 

1D1984- 

1523 

662JS 

70X30 

M.IU3 

74264 

51BX51 

122 

1120 

10727 

27X13 

75384 

24469 

457187 

4761 

216007 

0M 

141J1 

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B*34 

W2»J9 

1021 

14129 

27*94 

1671.17 

16*85 


mCML Strategic tov Fd Ltd— 9 

mCDlurawiHoidoios 1 

raCoacu roe Uw Fond. * 

tv Core (vest Actions mil— — BF 
■vCwitNestOBilBohteCT — BF 
re Canitvest ObU world _—^M 

i* Converr. Ffl loti A Cert*. — S 
w Convert. MlhrtB Certs — * 

m Crete Drill Coo * 

w CRM B.TJ>. Fd LM SF 

mCRM FqfuflS Futa LM 9 

iv CRM Global Pd Ltd— — — } 
w Cresttv AMM Mamt LM — 2 

nr Cumber Infl nal. J 

w Curr. Conceal 2BH0. 1 

ff D. Witter VfMWtaelYtTsLJ 

WOG.C 1 

ff Dolwa Jaaan Fund Y 

ff DB Araenlloa Bd F it t 

d DB9C /Ndfln Bata Fund —S 

IV DerivoHve Asset AUK 9 

iv Detector (toe Ltd, . i 

d Drevtus America Fuad 9 

t DVT pertermanoe Fd * 

ra Dynasty Fund ■ .9 

tv Eos Oversea Fund Ltd— J 

m Elbe WorM Fund Ltd SF 

tf Eml Beta. rad. Ptm A BF 

ff Emi Ban. lnd. Plus B BF 

ff Emi Franco lnd. PUa A F P 

ff Emi Franc* ireL Plus B ff 

ff Eml Germ. Ita. Pfca A DM 

ff Eml Germ. ind. Phis B DM 

tf Eml Nefh. Index Plus A Fl 

ff Eml Mein. Index Plus h Fl 

tf Eml SaoNT InO. Plus A PW 

rf Emi Spam ma. Phi* a. — — Pta 
ff Eml UK index puts A— —l 

ff Eml UK Index Phis B C 

w Eaptr. 5ta inv. SH) Eur Ffl— J 

tf Europe 1992 9 

d Euroee Obligations— —Ecu 

w FJH.P. PertioHa 9 

inFafumFuM. 


ra Firebird Overseas Lid. 
w Flra Eagta Fund — 
iv First Ecu Ltd. 


m First Frontier Fund, 
iv FL Trust Asia. 


w FL Trait Switteriand. 
d FondNalto. 


w Fenluv 1 Money 
w Foniux 3- mu Bond— 
w FonmuflHon IB Infl — 
IV FartruM SeiecUon Fa. 
ff FortlhM* Group inc. 


ra Future GcBironen ua - 
raFXC i mHiB en w Ltd. 


wG-l.MiMuM-Strateer 9 

mGEM Generation Ecu Cl— J 

mGEM Generation Ltd * 

m Gemini Caro LM — — — 2 
m Geras Progressive Fd LM— s 

w General FuM ua - i 

ra German 5*L Associates DM 

nr Global 93 Fund Ltd t S 

w Gtabai 74 Fund LH SF 5F 

wGiooai Areitraae Lid— — SF 
m Global Beta Fund— — S 
>v Global Futures Mot LM — S 

i»kmm h i - - * e 

0 GreenUK France FF 

fflGaaranteed Capital 1mm 94 LF 
m Guaranteed Ccunmodlitf F0S 
m Guaran te ed Currency Fd_S 
f Haussmaan Hides N.V,— S 
mHemUphcre Ntutroi Sep 30 6 

iv Hestta Fund 1 

b Htatibrlag* Capital Carp 9 

■v Ibex Holdings LM -JF 

d IDF Global -s 

D ILA-IGB S 

b ILA-IGF S 

b ILA-INL S 

w Indigo Currency Fd LM— S 

r mn 5ecurtites Fund Ecu 

w Inter Mpt AlUtf FffMtxle DM 

ff intartund SA ■ ■ . ■■ ■ ■■ J 

ff Infl Network Invt 1 

rf Inverts DWS DM 

wJapan Pacific Futa——» 

ra Japan Selection Asses Y 

iv J aeon Selection Funa. -5 

MrKenraarGfd Series 2 6 

er Kenmar Guaranteed — J 

m Klneate Gtabai Fd LM 1 

w km Gtabai 9 

rf KML • II High Yield -J 

w Korea Growth Trust » 

w Lo Partite HoKUdm Lid — s 
b La Favette Reaular Growths 

nlLO Jolla Ini GrttlFd LM 9 

w Leaf 5lcnv. — 5 

muu Performance Fd s 

w LF Interaatlanai s 

ra London Portfolio Servke*_6 

raLPS Inti H.P.B S 

raLuk toll Mat Fd Ltd 9 

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mMasrer Cap * Hedge Fd. 

r> M atterhorn Ottsbore I ... 

wMBE Japan Fund LF 


m McGinnis Gtoeal (Sop 30). 

raMCM Int. Limited S 

iv Millennium intern a tional I 

raMJM International LM 9 

ff ML Prtnap Prauc Plus— 9 

in Momentum Guild Ltd S 

iv Mondloval Sicov SF 


raMonl BIok Hedge. 
■vMuttliuturee. 


JF 


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d NewtxnA Debentures 9 

mNInetvttiree Mutual Fa nv_Eoj 

mNMT Allan Sri. PortfoKo l 

ir Noble Partners um Lid S 

ur Nova Fin Ftfud- Prop Ser _S 

ntNSP FJ.T. LM 9 

m Ocean strateales Limited — S 
b Onshore Strangles Ltd — J 

wOM Ironside I nrtLM 9 

m Omega Overseos Partners _s 
raOppenheimer U6. Arb — S 
mOptlmiim Fund - . — s 

■y Oracle Fund LM_ — 9 

ra Overtook Pertormnnce — _S 
mPoctt RIM Opp BVI Oct 17 JX 
mPtei Fixed Ik Fd (Jan 613— S 

mPAN international Ltd 9 

n> Panairri Inc— — I 
iv Panda Fund Pic. 


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wPharma/wHe 


w Phirlaastlon Phirttorex FF 

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m PUrflvpsi State FF 

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m Portuguese Smaller Co a CS 
m Prime Capital Fund LM — J 
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tf Regal inn Fund Ltd. 


.DM 


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ivSlliira Fund Ud 9 

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tf The M'A'R'S Fd Sicov A_* 

tf The M’A'R'S Fd Slaw I DM 

tf The Maaws Ecu Fd LM—JEcu 
ff The Magus USS FdLM s 

mUM £evchellu Fd Ud S 

raTtie Smart Bond Ltd. 

mThe Smart I 

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b Ti IC (OTCI jan. Fd State— A 
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ra Tweedy Browne Inti rev. s 

w Tweedy Browne rev. a A 2 

0 Itbo Futures ff 

tf UbaFutures Dollar — . I 

f Ultima Growth Fd Ud S 

rf UmbrWla Debt Fund LM % 

0 Umbrella Fund LM. « 

■r Uni Bond Fund Ecv 

Capitol Allemagne— JDM 

wUnJ Capital Convertibles Ecu 

w Unt-GIbi FS Systamattaue JF 
■v UflMHDI Sic F5 Max 3 ans _5F 

■v UnfCtobol Slew DEM DM 

w UntOWbri State Ecu Ecu 

wlinl -Global State FRF FF 

w Uni-Gtabal State FS SF 

w Unl-Gtabol Slaw USD X 

tf UoIcd Equity Fund DM 

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ra Unltraoes CHF _2F 

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mUnttrades FBF f F 

mUnltrooM USD 5 

nr Ureas Inti lm_ « 

raValbonna- 


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m Victor Futures Fund * 

b Voyager investments Pta__S 

wVUtture LM j 

m Writes Wilder tall Fd s 

d Win Global FdBd. Ptfl Ecu 

d Wta Gtabai Ftf Dlv Ptfl Era 

d Win Gtabai FdEa. ptn, Ecu 

0 Wortd Balanced Fund SA-S 
iv world invest Mind s 

mygltfwlfle Limited -- s 
hr WPG Fortier Otes P«r1 -2 
ra ww Capital Grth Fd Ud__S 
raYBiw ip 

mZegnyr Hedoe Fund 3 ' 

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For investmeni 
information 

Read 

the MONEY REPOR 
every Saturday 
in the IHT 


For information on how to list your fund, fax Simon OSBORN at (33-1) 46 37 21 33. 



; P *ge 12 


Nasdaq 

^ Wednesday's 4 p.m. 

by the AP. consists olthe 1 ,000 
traded securities in terms of dollar value, ft is 
updated twice a year. 


INTERNATIONAL HERALD TRIBUNE, THURSDAY. OCTOBER 27 . 1994 



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AMEX 

Wednesday’s Closing 

Tables indude the nationwide prices up to 
the dosing on Wall Street and do not reftec 
date trades elsewhere. VJa The Associated Press 


i 12 Month 
Hah Low Stacy 


Si 


12 MonSi 
-DahLow Stock 


piv vid PE ions kwi uiwUiiegCh'ae 


54 6.4 _ 


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INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 27, 1994 


Page 13 


EUROPE 


•.'■St* 


German Builders Hope Eastern Dream Continues 


Bloomberg Business AW 

DRESDEN, Germany —Some day, Heinrich 
f^fStuffer will wake up and the dream will be over. 
* * ’ As the marketing director for Germany’s sec- 
ond-biggest building-supply wholesaler, Mr. 
Stuffer has been a beneficiary of the unprece- 
dented boom that this and other German con- 
struction companies are enjoying in the former 
East Germany, Europe’s hottest market. 

And in his opinion, the wakeup call will not 
come soon. 

“I think this boom is going to last 14 years ” 
said Mr. Stuff cr, who works for Bay Wa Handels- 
SystenK-Service GmbH, a company in Munich 
“It’s just Eke it was after the Second World War 
— thegrowth will continue for at least 20 years.” 
Foot years after Germany absorbed its Com- 
.. . munist-nm sister state, the const ruction boom is 

«■ jtfjf J gathering so much momentum that many agree it 
will cany into the next century. 
xVi Eastern Germany recorded a 42.7 percent 
^ growth hi apartment and house construction 

i. 


!- 1- 

. i : i •. 

' i.-' ir: 

- s?.a; 

■y.fi 

:~V 

M 


during the first half of this year, and growth is 
poised to exceed that in 1995. 

As Western Germany’s construction market 
groans under rising taxes, German and foreign 
builders are moving east to take part in a western- 
led, government-subsidized reconstruction. 

Sales for Germany's largest manufacturer of 
building insulation, Gmnzwdg & Hartmann 
AG, are rising at a rate of nearly 25 percent a 
year in Eastern Germany, said Beate Scheffel, a 
company official. Griinzweig, based in Ludwigs- 
bafen in Western Germany, is a unit of Compag- 
nie de Saint-Gobain, the French glass and insu- 
lation maker. 

“It’s been like tins ever since we came in after 
the Wall came down in 1990,” Mrs. Scheffel said. 
“It's hard to say how long this boom will last, but 
at least five years. I think, ” 

Likewise, Mr. Stuffer’s company, BayWa, is 
notching double-digit annual growth in 'sales in 
the former East Germany, where it distributes 


wood, metal and rock building products via 
franchises. 

Although East German construction is heavily 
subsidized by the federal and stale governments 
— the state of Saxony alone has spent 1 billion 
Deutsche marks ($670 million) on public pro- 
jects since 1990 — a growing number are being 
financed by private investors. 

“That is a misconception, that this boom is all 
somehow artificial or paid for by the govern- 
ment,” said Karl Robl, president of the building 
association. “Roughly a third of all investment 
here is private. And it is growing every year.” 

Most of the companies cashing in' on the 
construction Frenzy are from Western Germany, 
where they have lengthy histories, sophisticated 
operations and, most important, access to 
financing. 

At the Dresden trade association meeting, 
there were few local residents. Most had flown 
over from such Western cities as Munich and 
Frankfurt, as well as what used to be West 


Berlin, where their companies are 
headquartered. 

“It’s a boom that’s bring totally orchestrated 
by the west," one diplomat said. 

In Eastern Germany, where unemployment is 
officially 14 percent but unofficially is thought to 
be closer to 20 percent, that message wasn't lost 
on the popular premier of Saxony, Kurt Bieden- 
kopf. who appealed for opportunities for his 
constituents. 

‘The problem we have is that the large West 
German companies come over here, and they 
bring all of their suppliers and customers with 
them.” Mr. Biedenkopf said. “We must find a 
way to fix this.” 

Until medium-sized companies get estab- 
lished. Eastern Germany's construction boom 
may suddenly fade when the government’s subsi- 
dies end, perhaps in this decade. 

“Outwardly, the reunification of Germany is 
taking shape,” said Fritz Eichbauer. president of 
the building industry group. 


?> i » 





For Inflation Cut 
And Western Cash 


:fcy Fred Hiatt 

^Washington Post Service 

MOSCOW — The Russian 
government has prepared its 
most ' ambitious anti-inflation 
program yet. a 1995 budget that 
would bring monthly inflation 
rates down to 1 percent but 
would require unprecedented 
infusions of Western cash, Rus- 
sian and Western officials said. 

Prime Minister Viktor S. 
Chernomyrdin, renewing his 
commitment to tight-money 
policies in the wake of a ruble 
! crash this month, is scheduled 
to defend the budget plan be- 
fore a skeptical Parliament on 
Thursday. 

There is no assurance that the 
Parliament will endorse it, no 
guarantee that the government 
will stick to its resolutions and 
no certainty that Western gov- 
1 1 *- w yiwuai n and organizations 
; will come up with the billions 
j that Russia is counting on to 
make it work. 

i» But Lawrence H. Summers, 
U.S. Treasury undersecretary, 
f : : who is concluding a round of 

: meetings with Mr. Chemomyr- 

C\, din and other top officials, said 
-.I he was encouraged by “a com- 
mitment to serious stabiliza- 
tion-"Hc said the political lead- 
ersbip here had taken the 
vf. ruble’s jfall on Oct. II, now 

known as “Black Tuesday.” as 

— “a wako-up call,” 

... “Itfs dear that Russian eco- 

— nomic reform is at an important 

. crossroads, and it’s dear that 

•• the government is charting a 

: :'f ■ course forward," Mr. Summers 
said at a news conference. 

Russia's commitment to 
fighting inflation is key to the 
. success of its economic reforms 
in general since high rates of 
inflation scare away invest- 
■ o meat. But to reduce inflation, 

; the government must make 

: ^ many unpopular decisions, 

ending subsidies to ailing fac- 
tones and collective farms and 
Ihniring social spending 
* Mr. Bummers said that Rus- 
sia had made substantial pro- 
gress in shifting enterprises 
from the state to the private 
sector, and, not coinddentally, 
>. . in lowering the inflation rate — 
from as much as 30 percent a 
-r month last year to about 5 per- 
• bent in August. 


But, bowing to political pres- 
sure this summer, the govern- 
ment accelerated its lending, fu- 
eling the inflation rate and 
undermining the ruble. Mr. 
Chernomyrdin said the credits 
were essential to feed Russia's 
bankrupt north and keep its 
farms going, but many critics say 
much of the money ended up in 
the private bank accounts of fac- 
tory directors and bureaucrats. 

Now, Mr. Chernomyrdin and 
his cabinet have proposed a 
budget that would eliminate 
central bank credits as a source 
of funds. The plan is being dis- 
cussed with a visiting team from 
the International Monetary 
Fund, whose loans would be 
essential to make the plan work. 

“The discussion for the first 
time is about real stability, rath- 
er than just a transition that in- 
volves slowing down the infla- 
tion process," a Western official 
said. The plan involves “more 
radical reform” than has ever 
been proposed, and more finan- 
cial aid, Lhe official said. 

Alexander Pochinok, deputy 
head of the budget committee 
of the Duma, or lower house of 
Parliament, said the govern- 
ment was counting on $12.7 bil- 
lion in outside aid. About $7.5 
billion of this would come from 
international organizations, 
mostly the IMF. 

Mr. Summers said he expect- 
ed the IMF to approve a ruble 
stabilization fund, a key lending 
component, only in “a political 
environment where it was rea- 
sonable to expect a stable ruble ” 

■ Ukraine to Get Loon 

The IMF was expected to ap- 
prove a $365 million loan for 
Ukraine on Wednesday to help 
stabilize its economy and trans- 
form it from communism to 
capitalism, international mone- 
tary sources said, according to a 
Reuters dispatch from Wash- 
ington. 

The loan, the International 
Monetary Fund’s first to the 
former Soviet republic, would 
support what one source de- 
scribed as a “very bold” plan to 
reform Ukraine's economy. 

“This is a sort of ’big bang’ 
approach," the source, who 
asked not to be identified, said. 
‘There is no doubt the program 
will be approved.” 


Philips , Recharged 9 Charges Back 

But Can It Find Its Way on a Slippery Inf o-Highway? 


By Patrick Oster 

Washington Post Service 

EINDHOVEN, the Netherlands — 
Philips Electronics NV, the company 
that gave the world cassette tapes, fluo- 
rescent lights and other technological 
marvels, is no longer in crisis. 

After several years of wrenching re- 
structuring, it is poised to take on the key 
consumer electronics market of multime- 
dia. But some wonder whether Philips, 
after adopting all the obvious financial 
and management reforms, has the long- 
term strategy to survive against Sony 
Corp„ Matsushita Electric Industrial Co. 
and other Asian powerhouses. 

Take Philips's current multimedia 
star, compact disc-interactive technol- 
ogy, or CD-L Through TV sets, consum- 
ers with Philips’s own CD-i players or 
those licensed by Philips can play cine- 
ma-quality computer games or use edu- 
cational programs, movies and other 
multimedia products that combine vid- 
eo, audio and text features in an interac- 
tive rather than a play-only mode. 

“I first saw demonstrations of CD-i 
nine or 10 years ago,” said Eckart J. 
Winizen, president of BSO/ Origin, a 
$400 milli on software and services com- 
pany based in Utrecht that absorbed 
Philips’s unprofitable custom computer 
software operation in 1990. “It was great 
then, but time may have passed it t>y.” 

Joost van Beek/an analyst with Van 
Meer James Capel & Co„ an Amsterdam 
brokerage concern, says consumers may 
eventually decide to use CD-ROM play- 
ers through home computers instead of 
CD-i technology through TV sets. Al- 


ready, he said, CD-i sales seem sluggish 
while CD-ROM sales are booming. 

The digital compact cassette is another 
key Philips consumer-electronics prod- 
uct off to a slow start. A digital version of 
Philips’s ubiquitous audio cassette, DCC 
is facing tough competition from Sony's 
Mini-Disc as both struggle to woo buyers 
to a recordable alternative to the stan- 
dard compact disc. 

Philips, whose product range includes 
light bulbs and semiconductors as well, 
has other clouds on its horizon: 

• Its $200 million stake in Whittle 
Communications Inc., a once highly 
praised American media company, is in 
jeopardy because of Whittle's unexpect- 
ed losses. 

• Key multimedia divisions — New 
York-based Philips Media and the 
film/entertainmeni division of Poly- 
Gram. Philips's 75 percent-owned affili- 
ate — are still losing money despite recent 
hits such as the film “Four Weddings and 
a Funeral" and the computer games 
“Voyeur" and “The Seventh Guest” 

• Philips spent hundreds of millions 
of dollars developing high-definition 
television, which offers razor-sharp pic- 
tures and digital sound in the rectangular 
movie-screen format instead of the boxy 
standard TV one. But sales in Europe 
stalled when it could not persuade gov- 
ernments to approve its analog HDTV 
standard. And in the key U.S. market, it 
is vying with other HDTV develcpCTS to 
win government approval for its digital 
HDTV standard. 

Despite such pockets of bad news, 
there are signs that Philips will survive, if 


E 


Philips ■ 

"• Sqi&Sr " ■ •' ■- ■■ \ ■■■■'■ v- " v ' f&fkvfil/tbss Shareprtee weekly ; 

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not best its competitors. Its boards of 
directors and management, once domi- 
nated by technicians, are now staffed 
with marketing-savvy executives. In 
May, Floris Maljers. former chairman of 
Unilever Groep, became the new super- 
visory board chairman. 

Philips, which owns the Magnavox. 
Sylvama, Nordco and Marantz labels, 
announced in June that it 'was hunting 
for a major software firm to buy. No 
wonder. With multimedia “hardware.” 
such as CD-i players or TVs producing 
only 2 percent profit margins, multime- 
dia “software” — films, music, computer 
games, and so forth — has become the 
key battleground for Philips and its com- 
titors. And Philips says ir has the cash 
low and credit line to pay for iL 

Michael Kuhn, president of Poly- 
Gram’s Filmed Enter tainm ent division, 
said it had become “self-evident” that 
many companies could make hardware 
when they had access to the patents but 
that few could make attractive software. 

In the software battle, Sony already 
has Columbia Pictures and CBS Re- 
cords. And Matsushita has the entertain- 
ment giant MCA. Philips has the smaller 
PolyGram, which contributed two-thirds 
of Philips’s consumer electronics profit 
last year, mostly through record sales. 
Despite its smaller size. PolyGram is 
showing potential for a whopping profit 
from small, intelligent investments. Its 
“Four Weddings and a Funeral.” which 
cost only $5 million, already has grossed 
$186 million. 

Nonetheless, Scott Marden, president 
of Philips Media, which develops most of 
Philips’s nonfilm multimedia products. 


is not feeling smug. He is worried about 
a steady 

products such as “Voyeur," the movie- 


keeping up 


Jy flow of best-selling 
"Voyeur," tin 
like interactive mysteiy game. 


> . ffly i jr' ' - 


Miscefe'neodsi 


• tjprf .Coropotents.and'; . 

", o";, / v ;> ; : ' ■ s .senti-ewttootomis**. 

Vtrmiuaasa t>1.liS8oo,)ptflef.oaft frorftfeateafffiafce • ' • • / 


Source; Bloomberg, Van Meer James Cape I (forecasts) 


Inlcmitoomi HrnU Tribune 


More fundamentally, be, like any mul- 
timedia executive these days, is grap- 
pling with the murky nature of the mar- 
ket itself. It remains unclear, for 
example, whether the vaunted informa- 
tion highway on which multimedia prod- 
ucts will travel will consist of millions of 
miles of fiber-optic telephone cable, sim- 
ilar lengths of coaxial TV cables, broad- 
band radio waves directed at cellular 
telephones or a combination of all three 
and more. 

Like most other players in the market. 
Philips is scrambling to ally itself not 
only with film studios but with cable 
television companies, telecommunica- 
tions firms and home-shopping net- 
works, among others. Last October, it 
bought Motown Records for $300 mil- 
lion, one of its largest investments. In 
July, a joint venture made it the No. 1 
cable TV operator in Europe. 


Investor’s Europe 


Frankfurt 

DAX 

2300 




J j 
1994 

a' S' o tJi' j j 

1994 

A SO 

J J' 

1994 

XTo’ 

Exchange 

Index 

Wednesday Prev. 
Close Close 

% : - 

Change 

Amsterdam 

A EX 

mis 

39820 

*0.24 

Brussels 

Stock index 

7.Q 73.08 

7,036.22 


Frankfurt 

DAX 

2,020.50 

1,974.63 

+2.32 . 

Frankfurt 

FA2 

763.32 

7S1 02 

+1.84 

Helsinki 

HEX 

1,92247 

1,910.00 

+0.67 

London 

Financial Timas 30 

2,298.50 

2,301.70 

-0.14 

London 

FTSE 100 

2.999.90 

3,000.90 

-0.03 

Madrid 

General Index 

288.98 

287.33 

+057 

Milan 

MIBTEL 

9,778.00 

9,750.00 

Mis 

Paris 

CAC40 

1,831.54 

1.824.42 

+050- 

Stockholm 

Affaersvaeriden 

1,869.27 

1.857.79 

+0.82. 

Vienna 

Stock Index 

Closed 

413.85 


Zurich 

SBS 

884.16 

889 48 

-w 


Sources: Reuters, AFP 


Inivvii^ia iui IbiJH Tntains 


Very briefly: 


• Germany’s Federal Statistics Office said the annual inflation raw 
in Western Germany slowed to 2.8 percent in October, and 
economists said they "expected the trend toward lower price rises 
to continue. The rate had been 3 percent for three months. 

• Greece's Parliament approved the main article of a bill allowing 
the 25 percent sale of the state telecommunications company but 
it was still unclear how much the government expected to earn or 
where the funds would be used. 

• Charter PLC, the British mining and mil equipment manufactur- 
er, said it would take a charge “in excess or’ £240 million ($392 
million) in the current year to cover the goodwill costs of its £290 
acquisition of the Swedish welding manufacturer Esab AB. 

■ Elf Aquitaine, a French energy concern, cut its stoke in the Belgian 
oil company Petrofina SA to 2.26 percent from 4.99 percent. 

• Switzerland will raise its lax on cigarettes by about 15 percent in 
March. It said the tax would generate 150 "million Swiss francs 
($111 million), which would be used exclusively, as with other 
tobacco taxes, to finance health and old-age insurance programs. 

• Rh6ne-Poulenc Rorer Inc. said its profit in the third quarter rose 
45 percent, to S 103 million, os sales rose 8 percent, to S 1 .04 billion. 

Ri-utm, Bivuiberg, AFP. AFX 


Strong Sales Lift Profit 
For Saab Autoim bile 


Bloomberg Business Mens 

STOCKHOLM — Saab 
Automobile AB said Wednes- 
day that strong sales lifted its 
third-quarter pretax profit to 
144 million kronor ($20 mil- 
lion), reversing a loss of 369 
million kronor in the third 
quarter of 1993. 

Sales rose to 4.31 billion kro- 
nor from 3.72 billion kronor, 
helped by the company’s efforts 
to turn out more cars’ 

The company said that de- 
spite the turnaround, the profit 
was too small and would have 
to be improved. 

Olof Wallen, a spokesman for 
Saab, said the company was 
working to further reduce the 
number of hours needed to build 
each car, which should increase 
output and profit. He said it now 
takes between 35 and 40 hours to 
build a car and the company was 
striving to reduce this to 30 
hours. In 1990, it lock Saab 100 
hours to make a car. 

“The resulting capacity will 
be used to increase produc- 
tion," Mr. Wallen said. 

In the year to September. 
Saab sold 65,700 cars — up 24 
percent from a year earlier. The 
“900” series accounted for 
40,600 cars and the "9000" se- 
ries for the remaining 25,100. 


Saab Automobile beeaxr 

independent company in 
when it was spun off from 
Scania AB. General Moi | 
Corp. owns a 50 percent stake. 

Its independence coincided 
with an economic downturn in 
the United States and Europe. 
That resulted in Saab posting 
losses totaling 9.56 billion kro- 
nor from 1990 to 1993. a 
Saab made its first-ever quar- 
terly profit — 188 million kro- 
nor — in the second quarter of 
this year. 

■ Volkswagen Sales Rise 
Volkswagen AG said 
Wednesday its worldwide sales 
in the first nine months of 1994 
rose 7.5 percent from a year 
earlier, Bloomberg Business 
News reported from Wolfs- 
burg, Germany. 

The company said it sold 2.5 
million vehicles in the period, 
with sales in the United States 
almost doubling, to 85.000 units. 


For investment 
information 

Read 

the MONEY REPORT 
every Saturday 
in the 1HT 


GE: Antitrust Case Puts Company Under Microscope MEDIA: Talent Agency and Baby Bells Plan Venture FRANCE: Privatisation on Track 


Coufoaed from Page 9 
those years, none of them stuck 
and prices actually declined. 

John F. Welch Jn, the chair- 
-■ man of GE, is among the 100 
l witnesses Mr. Webb may call at 
r die trial, which is expected to last 
four to six weeks. Mr. Welch 
ordered the Higmissal of Mr. 
. Russell, who later sued GE, ac- 

, curing it of wrongful discharge. 
. The company said Mr. Russell 
had been dismissed after profit 
at the diamond-making unit, 
based in Worthington, Ohio, fell 
- 30 percent in two years. 

• That GE*s superabrasives 

unit and De Bears tried to raise 
prices during the global eco- 
nomic slowdown in 1991 is not 
in dispute. The issue is whether 
GE gave early notice to De 
Beers through on intermediary 
who passed on its price plans to 
- the competitor. 

Mr. Webb said GE had given 
notice to its customers of price 
.j ^ increases merely as a good busi- 


ness practice and that it had 
“independently decided to raise 
industrial diamond prices be- 
fore it had information” that 
De Beers had raised its prices. 

The government contends 
that Peter Frenz, GE^ manager 
of industrial diamonds in Eu- 
rope, passed on information 
about GE's planned price in- 
crease to Phlllipe Liotier. At the 
time, Mr. Liotier was chief ex- 
ecutive of Diamant Boon SA, a 
Belgian buyer of industrial dia- 
monds. 

The government argues that 
Mr. Liotier was more than just a 
customer. The parent of Dia- 
mant is Sodetii d’Entreprise & 
d’Investissements SA, or Si- 
beta, or which Mr. Liotier was 
a director. Sibeka is partly 
owned by De Beers and has a 
joint venture with De Beers to 
make industrial diamonds. 

The government is expected 
to present a facsimile message 
from Mr. Frenz to GE’s supera- 


brasives- unit headquarters that 
asks whether the unit would fol- 
low a price increase that Mr. 
Liotier was supporting on be- 
half of De Beers. 

The fax was received by Ste- 
phen T. Palovchik. then Mr. 
Frenz’s boss. Mr. Palovchik. 
who remains on GE’s payroll as 
a sales manager, has been given 
immuni ty from prosecution in 
exchange for his cooperation 
with the government. In essence, 
he could provide evidence that 
could damage his employer. 

The prosecution, though, 
cannot get some key witnesses 
to testify. Mr. Ljotier was in- 
dicted along with GE, De Beers’ 
and Mr. Frenz but has returned 
to France and refused to coop- 
erate. Although he was indict- 
ed, extradition laws cannot be 
used to force him to appear in 
the United States. 

De Beers also has refused to 
send anyone to answer the 
charges. 


Gntinaed from Page 9 
defining role in the effort. Rival 
agents and top studio execu- 
tives said the role of Creative 
Artists Agency raised the po- 
tential for conflict of interest 
for a talent agency that would 
provide actors, writers and di- 
rectors to a venture it helped 
create. Privately, the agency de- 
nies any conflict. 

The arrangement, rumored 
for weeks, was disclosed Tues- 
day by Variety, the trade news- 
paper. Mr. Ovitz and the repre- 
sentatives of the phone 
companies declined to com- 
ment but said discussions were 
taking place. 

But representatives of the 
phone companies have already 
assured two Creative Artists 
Agency rivals. International 
Creative Management and the 
William Morris Agency, that 
there was no conflict of interest 
and that all talent agencies 
would be essentially on a level 


playing field in providing talent 
to the new enterprise. 

The head of a major talent 
agency said the arrangement 
put Creative Artists Agency on 
the same level as a film studio 
or cable television outlet, all but 
reversing the usual role of an 
agenL 

But Thomas Pollack, chair- 
man of the MCA Motion Pic- 
ture Group, said: “We are mak- 
ers of product, and we welcome 
new channels of distribution for 
our product. If this comes to 
pass, it's a good thing for the 
studios.” 

Executives and agents said 
that Mr. Ovitz, by sharing own- 
ership in the enterprise, risked 
compromising his position as 
an agent. 

“The Baby Bells are entitled 
to gel and pay for advice from 
whomever they want, including 
Mike Ovitz,” a studio executive 
said. “But once it starts looking 
like an ownership position in 


this company, then that would 
be a concern not only to the 
studios but also to the talent 
guilds that have prohibitions 
against that.’* 

But those involved in the ne- 
gotiations said that Mr. Ovitz's 
agency would not serve as an 
owner of the new service. In- 
stead, the Creative Artists 
Agency — whose client rosier 
includes Steven Spielberg, Tom 
Cruise, Kevin Costner and Syl- 
vester Stallone — is a strategic 
adviser and will receive con- 
tinuing fees, people at the agen- 
cy said. 

An official involved in nego- 
tiations said Mr. Ovitz's agency 
would provide guidance on 
“strategic consulting services in 
the areas of personnel, deal ar- 
chitecture and alliances." At 
the same time, the official said, 
it would help create the new 
system’s “navigator," or guide, 
to provide easy access to pro- 
gramming. 


Continued from Page 9 
agreed to retain a controlling 
stake in the automaker after it 
failed to form a strategic alli- 
ance with another automaker. 

The government also is likely 
to retain a 10 percent stake in 
SE1TA, an industry source said. 
Another 10 percent is likely to 
be earmarked for the tobacco 
company's staff. 

The source said SEITA 
would prefer that French finan- 
cial and industrial companies 
become core shareholders by 
taking stakes of between 25 per- 
cent and 30 percent. 

But while financial analysts 
suggested foreign tobacco com- 
panies would want to take a 
stake, the industry source sug- 
gested SEITA would uy to keep 
these companies out. 

Although SEITA has part- 
nerships with tobacco compa- 
nies in export markets, such os 
Rothmans International PLC 
and BAT Industries PLC of 


Britain and Reemtsma Cigaret- 
lenfabriken GmbH of Germa- 
ny, the French company is not 
interested in allowing those 
companies to take a stake, the 
source said. 

“After all, SEITA controls 
nearly all the cigarette distribu- 
tion in France, and it might 
create problems if one foreign 
brand gets dominance over an- 
other in the share capital," the 
source said. 

SEITA has selected Cr6dit 
Commercial de France and So- 
cifete Generate as its advisers. 

The company was one of 21 
that Prime Minister Edouard 
Balladur earmarked for sale on 
taking office last year. Its chair- 
man. Jean-Dominique Comolli, 
was brought in from the state 
customs office last year to pre- 
pare it for privatization. 

SEITA earned a net attribut- 
able profit of 585 million francs 
in 1993 on sales of 14.14 billion 
francs. 




British Airway s 

The worlds favourite airline 


/ 





























































































































INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 27, 1994- 


Page 15 ■ 

ASIA/PACIfic * 


■'■J I' 1 . IN S' 

||| Beijing Clamps Controls 
! flOn Airlines’ Purchases 


• i 


&nq»Mby(frSuffFnim£>ispadtG 
BEIJING — Senior Chinese 


Foreign aircraft makers view 
China as one of the world’s fast- 


officials said Wednesday that esi-growing markets. 


because China’s dvfl aviation 
•p industry has been posting heavy 
losses, authorities must approve 
:*-■ " : £ ^ purchases of new airplanes. 

Nearly aH China's airlines are 
losing money, mainly because 
policy changes on Foreign ex- 
i\ change have caused operating 
I, 1 : - ?;! costs to. soar while giving Chi- 
nese passengers the option of 
flying foreign carriers, an offi- 
,! : c cial newspaper reported 

sf Wednesday. 

Seats -sold from January to 
wjjf August were at their lowest lev- 
’a\ jiv el in 10 .years, the Economic 
I;.; K Information Daily said. 

s! P U Yongtp, chief of the plan- 
ts i g ning dtason for the Civil Avia- 
‘‘ don Authority of China, said 
'] ii the airiine industry would con- 
•i !p« -.unue to lose money for one or 
s: ij-ftmoydui 

: During this time no new air- 

i'f lines um be approved and all 
! ?' : Jb orders for new aircraft will be 
' careful -screened by the au- 
[! gg tbority^he said. 

■ i “In cases where there is a real 

n«d, dfe authority will approve 
! ' j; fj requestsfor new airliners. But it 


One of every seven planes 
sold by Boeing Co. went to Chi- 
na last year. Boeing estimated 
that China would need to im- 
port S66 billion of aircraft over 
the next two decades. 

An official at British Aero- 
space PLC, a supplier of small 
aircraft to Chinese airline*; said 
the company expected a slow- 
down in orders after years of 
heavy buying. 

“AH and sundry were placing 
enters for new air craft,” be said. 


: !*.■ sir 

■■m 


•; it l tj* t 

/. vli 

a 

■4 CK 


money. Foreigners were given 
foreign exchange certificates in 
exchange for foreign currencies. 
Nearly all imported goods had 
to be paid for with the certifi- 
cates, which only foreigners 
were supposed to have had. 

Tickets on foreign airlines 
also had to be bought with the 
certificates, effectively restrict- 
ing Chinese people to Dying on 
domestic carriers. 

After the abolition of the cer- 
tificates in January. Chinese cit- 
izens could fly on any carrier 
and now make up 40 percent of 
the passengers on foreign air- 


Relaxation Ethic 
Slowly Making 
Inroads in Japan 


A gence France- Presse 


free time for themselves and 


TOKYO — It has taken more leisure,” he said, 
the longest recession since Mr. Hast added that 
World War II and a subtle many Japanese companies, 
change in mentality to bring hampered by economic dif- 
it about, but Japanese peo Realties, have cut down on 
pie are finally working less overtime hours. Hitachi 
and taking more time off. Metals Co. recently an- 
Last year, for the first nounced a reduction in 
time since the war, the aver- working hours to 1.800 a 


age working week in Japan year by the middle of 1995, 
fell below 40 hours exclud- down from the current 
mg overtime — a 12-minute 2,114, and a drastic cut in 
drop from the previous year overtime, to a maximum of 
— according to the Ministry 30 hours a year. 


year by the middle of 1995, 


“Now the aviation authority has ^ nes out of China, the 
begun to concentrate on improv- report said, 
mg the efficiency of the planes According to Wen Xiaoru of 
they have. On the whole, the financing division of the 
approach is quite professional.’' av ^ aviation authority, too 

s&taSSst »3=f== 

space, he said kgher operating costs. 

_ , _ . The countrVs poor air safety 

S. I1 ?S ,C i i nf0r ?l atl0n record has also contributed to 
Dafly attributed airlines’ losses airlines’ problems. In the 
mainly to China s decision on past year ^ere have been four 
Jan. I to end a dual-currency maj or accidents killing hun- 


of Labor’s latest figures. 


Working practices in Ja- 


■i ■■T 

r!” i 


^ystem and devalue the yuan by SSsofSople e 

33 percenL The Civil Aviation Authority 


\ ;^E 

. ■ >;> i * . 

* 'J? 


33 percenL 

Previously, Chinese citizens 
used a version of the yuan 
called renminbi, or people's 


said authorities had recently 
stepped up safety measures. 

[Bloomberg, AP) 


Australian Skies Turn Unfriendly 


Compiled by Our Siaff From Dispalcha 


tralia feared the aviation pact would erode the 


>• ' 

j - 


I-.;-. 
» . 


<, .* ■■ ■■■ • 


- s 4 

. ft' 0-1 £. 

. rflf. 

mi 


WELLINGTON — Air New Z ealan d said value of Qantas. 

Wednesday it was stunned by the Australian The decision is “obviously a positive for the 
government's decision not to pursue plans for a Qantas float as it removes the negative of any 
angle Aviation market just days before such a possible entry by Air New Zealand, because such 
market was due to. make its debuL an entry would have involved possibly damaging 

“We are simply appalled at this move, which discounting” an Australian aviation analyst 
throwsthe whole development of the single avia- said. 


tion mark et into a stale of uncertainty at this late 
stage in the process,” it said. 


In a letter Tuesday to his New Zealand coun- 
terpart, Maurice W illiams on, Transport Minister 


A spokesman for Prime Minister Paul Keating Laurie Brereton of Australia said New Zealand 
of Australia said New Zealand had failed to live had not embraced the concept of a common 
tro to its ride of the bargain, killing plans to allow aviation border between the two countries that 
AirNew Zeal and to fly domestic routes in Aus- was an integral part of the reform plans. 

tr ^ as of Tuesday. ^ ^ ^ Mr. Brereton said New Zealand had also failed 


; : ^ The agreement would have set Air New Zea- to f^T^StmSTt Tolm^ove pa**7ger 
' vV land up as & competitor of the national earner, arrangements ^uj complaint of “at^uaLl 
:■ 3 i -* A3 7* y \°? t Au! T b ? n m ‘ e ? a ‘ e . roules - and inconclusive'' disculsions on the ownership 

■' : T?: d ™ bls the d “ ui ? n ™ and control of Australian and New Zealand 

.. s-i,. linked to the Australian government s plans to airlines. 

: li sdl its 75 percent stake in Qantas. .... t- « , - „ , . 

• . : Qantas, which owns 19.4 percent of Air New JJ™ Mimsier Tim Bolger of New Zealand 

. '• ijrJS .i v,., said the move, conveyed in a letter from the 




Zealand, Is scheduled to be rold to the public by “ ™ movc - conveyed m a letter from the 
the Australian government in the first half of Australian goynment, was perplexing and^ “not 
next ycarfor about 25 billion Australian dollars < F ntc how we do busmess across the Tasman. 


(SL8 tdOujp). That raised speculation that Aus- 


f Reuters, Bloomberg) 


Japanese employees pan are gradually changing, 
worked an average of 1,913 Dentsu and others introauc- 
hours in 1993, including 133 ing flexible working hours, 
hours of recorded overtime. The electronics giant Sony 
Taking into account unrec- Corp. and other companies 
orded overtime, working 
hours are probably still " 
longer in Japan than any- 
where else in the industrial- jreople work 
ized world. - , 

Still, the average annnpl IfiT D6tt6r lx tll6y 

get a change of 

20 percent since the 1960s, scenery from 

By 1992, workers in Japan tune to time, 
averaged 2.0 17 hours, com- A ^ ^okeunmn 
pared with 1 ,957 in the Umt- J ^ 

ed Slates, 1,911 in Britain, 

1,870 in Germany and 1,680 

in France. Figures for 1993 are also trying to encourage 
ore not yet available for employees to take all the 
some of those countries. holidays to which they are 
But despite this clear entitled. “We have realized 
trend, vacations in Japan re- that they work far better if 
main shorter than in many they get a change of scenery 
other countries, with a mini - from time to time,” a Sony 
mum of two weeks a year spokesman said, 
phis 13 public holidays, and Former Sony Chairman 
overtime is still abundanL Akio Morita is one of the 
Japanese workers put in most virulent critics of the 
an estimated 13 hours of traditional Japanese work 
unrecorded and unpaid ethic and an ardent propo- 
overtime a day. The practice nent of a life based on Iei- 
of working these “service” sure activities and free time, 
hours is widespread. Lawmakers are also plan- 

But “progressively, the ning to introduce a bill to 
Japanese people's attitude ensure that public holidays 
toward work is changing.” fall on a Friday or Monday, 
said Akira Hase, managing to increase the number of 
- director of the Dentsu Insti- long weekends, 
tute for Human Studies, part Real change, however, 

of the advertising company may be a long way off. One 
Dentsu Inc. in every six Japanese work- 

“The system itself hasn't ers docked more than 3,000 
changed very much yet, but hours during the year ended 
the Japanese, especially March 31, 1993,’ according 
young people, want more to official figures. 


are also trying to encourage 
employees to take all the 
holidays to which they are 
entitled. “We have realized 
that they work far better if 
they get a change of scenery 
from time to time a Sony 
spokesman said. 

Former Sony Chairman 
Akio Morita is one of the 
most virulent critics of the 
traditional Japanese work 
ethic and an ardent propo- 
nent of a life based on lei- 
sure activities and free time. 

Lawmakers are also plan- 
ning to introduce a bill to 
ensure that public holidays 
fall on a Friday or Monday, 
to increase the number of 
long weekends. 

Real change, however, 
may be a long way off. One 
in every six Japanese work- 
ers docked more than 3.000 
hours during the year ended 
March 31, 1993," according 
to official figures. 


Recovery 
Spreads 
In Japan 

Bloomberg Business News 

TOKYO — Yasushi Micno, 
governor of the Bank of Japan, 
said Wednesday the country’s 
economic recovery was spread- 
ing despite the persistent 
strength of the yen, which 
erodes export earnings. 

Mr. Mieno said consumer 
spending and industrial pro- 
duction were growing and ex- 
ports were unexpectedly robust. 

He also said the central 
bank’s branch managers report- 
ed that large companies in the 
electronics, distribution and 
telecommunications sectors 
planned to increase capital 
spending — a factor that econo- 
mists have said is key to sus- 
taining Japan's recovery. 

Speaking of the yen’s recent 
rise to postwar highs, which the 
Bank of Japan has tried to 
counter by buying dollars, Mr. 
Mieno said it was “misleading” 
to think that the United Suites 
wanted a weaker dollar. 

The Bank of Japan has found 
itself alone among central 
banks in the currency market, 
buying billions of dollars, and is 
eager to project the idea that the 
dollar problem concerns other 
nations too. analysis said. 

“The dollar has weakened 
not only against the yen buL 
against other major 'curren- 
cies,” Mr. Mieno said. 

Screen Sales Help 
Sharp 9 s Net Rise 

Bloomberg Business .Vnrj 

TOKYO — Sharp Corp. said 
Wednesday that increased sales 
of advanced display screens 
helped it post a 55 percent rise 
in first-half profiL 

Although a strong yen shaved 
15 billion yen (S155 million) 
from its earnings, Sharp had 
current profit of 312 billion 
yen, compared with 20.2 billion 
a year earlier. Revenue rose 7 
percent, to 615.3 billion yen. 

A company executive said 
Sharp was producing more 
products overseas to cope with 
the strengthening yen. 

Sales of the advanced screens 
helped revenue in the compa- 
ny’s electronic components 
products group grow 23 per- 
cenL to 207 billion yen. 


f f NYSE 

Wednesday's dosing 

!' : !• . S : Tables include the nationwide prices up to 

;s >> the dosing on Wall Street and do not reflect 

> lata trades elsewhere. Via The Associated Press 

■ ■ (Continued) 


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BELTING — Microsoft Corp. 
executives on Wednesday ad- 
milted the company had made 
mistakes in adapting its Win- 
dows software to Chinese users 
and signaled a new approach to 
the world’s largest markeL 

The company has beguD 
courting local partners to help 
design and launch the Chinese 
version of its next-generation 
Windows 95 software. 

An effort by senior execu- 
tives to cultivate ties with soft- 
ware developers, industry regu- 
lators and the trade press also 
aims to smooth feathers ruffled 
during Microsoft's entry into 
China last year. 

“There is no question we’ve 
made mistakes here,” Charles 
Stevens, Microsoft’s vice presi- 
dent for the Far East, said after 
leading a week of meetings and 
seminars. 

“But I think we’re addressing 
most of the problems,” be said. 
“We can be a better partner in 
China than we've been.” 

Microsoft’s earlier decision 
to design the Chinese version of 
Windows together with Taiwan 
and Japan, without participa- 
tion by Beijing, resulted in dif- 
ferent standaros for characters 
and type styles. In addition, the 
Chinese method of keyboard 
entry differs from that of Tai- 
wan. 

Microsoft executives ac- 
knowledged having alienated 


Chinese officials by relying on 
managers and software devel- 
opers from Taiwan. 

The result was a product few 
customers wanted and one that, 
according to Yang Tianxing of 
China’s Electronics Ministry, 
“does not accord with the stan- 
dards of Chinese characters.” 

Mr. Yang said he favored 
software written by a Beijing 
firm, Suntendy, that enables us- 
ers of the English version of 
Windows to write Chinese 
words into software. 

Mr. Stevens and other execu- 
tives have spent the past week 
meeting with Mr. rang and 
other officials as well as bade 
journalists and executives from 
many local software houses, in- 
cluding Suntendy. 

The shift to what it calls 
“strategic partnering" conics at 
a crucial time for Microsoft, 
which is hoping to make a 
splash in China and around the 
world with Windows 95, the 
generation of its Windows soft- 
ware due to be released next 
year. 

Executives said they would 
select a Chinese partner by the 
end of the year to ensure that 
Windows 95 is released in Chi- 
na wi thin six months of Lhe 
American version. 

They also held meetings with 
software designers, encourag- 
ing them to write programs that 
run on Windows. 


ispsg 

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1 9 S 


Hills 

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tH !3 fla 

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if S i J Ji? I 




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MV. 14V. — V 


’4 18 ? I yl I ^ Is 


On November 22nd, the 1HT plans to publish 
a Sponsored Section on 

Lebanon 

Among the topics to be covered are: 

■ The reconstruction of Beirut 

■ Strengthening the asset base of the 
banking sector. 

■ The return of flight capital. 

■ The bidding contest for $2 billion in 
contracts. 

■ Rebuilding the tourism sector. 


For further information, please contact 
Bflf Mahder in Paris at (33- 1) 46 $7 $3 78, 
fax: (33-1) 46 37 50 44. 

4 L INTERNATIONAL * 4 


Investor’s Asia 


Hong Kong 
Hang Seng 

IMffl 


Singapore 

Straits Times 


2200 



Tokyo 
Nikkei 225 


- 21000 



w j j a s a 

1984 


Exchange 

Hong Kong 
Singapore 

Sydney 

Tokyo 

Kuala Lumpur 
Bangkok 

Seoul ~ 
__ 

Manila 
Jakarta 
New Zealand 
Bombay 


Hang Seng 
Straits Times 
Afl Ordinaries 
Nikkei 225 
Composite 
SET 

Composite Stock 
Weighted Price 
PSE 

Stock Index 
NZSE-40 
National index 


Sources; Reiners, AFP 


Wednesday Pnev; % 
Close Close Change 

9,252.44 9.321.06 -0.74 

2^57.29 2^82.54 -022 

2,017^0 2.021J0 -Oil 

19,746^5 19,732.15 HL07 

1,10534 1,10223 +0 30 

1,514.07 1,501.58 +0 

1^)92.03 1,091.02 +009 

6,686^7 6.742.39 -084 

"3,076 3,089.34 038 

516^2 514.53 +036 

2,06033 2,061.84 +037 

2,057^1 2,049.72 +037 

lmmwil.4ul lknU TnbMDE 


Very briefly: 

• Toshiba Corp. of Japan said Wednesday it had developed a. 
process for making a so-called quantum-effect chip, a thumbnail- 
sized chip that is said to be able to store 40,000 newspaper pages 
or to operate a computer at 500 times current speeds. 

• Compaq Computer Corp. announced plans to* open five more 
representative offices in China by the end of the year. Compaq 
sales in China have risen more than 50 percent this year. 

• Asian economic growth will outpace lhe rest of lhe world in 
1995, although a slowdown in China will bring the rate down to 
7.3 percent next year from 7.S percent in 1994, economists said. 

• NEC Corp. of Japan said i t would start mass production in April 
of 64-megabit dynamic random access memory chips. 

• Hualon Corpus chief executive was brought to the Taipei 
prosecutors' office to await possible charges related to recent 
stock-payment defaults involving 3.2 billion Taiwan dollars (S89 
million), investigators said. 

■ Atlantic Richfield Co. has agreed to buy a stake of about 10 
percent in Zhenhai Petrochemical Co. of China by purchasing 40 
percent of the 600 million shares the Chinese refinery is issuing. 

• Hong Kong’s Securities and Futures Commission said it had 
suspended the registration of eight floor traders for profiting at 
their clients' expense while working as traders for Standard 
Chartered Securities in 1992. 

• New Zealand reported a wider-than-expected current account 
deficit of 393 million dollars ($240 million) for the June quarter, 
but economists said the figure reflected the economy’s strength. 

• lion Nathan LtdL, a brewing concern, reported a 46 |>erc<mt rise 

in profit, lo 204.1 million New Zealand dollars, and said it would 
consider a move into China. Rnun. AFP.. AP 


United Nations Educational, 
Scientific and Cultural Organization 


UNESCO 

*** ** ** * *** 


Prequalification applications 

are invited from firms wishing to 
participate in a competitive tender for: 

PRIVATIZATION OF 'IKE 
RESTAURANT SERVICES 
at UNESCO Headquarters in Paris 
on the 

Fontenoy and Miollis / Bonvin sites 

Y + ♦ ♦ J uMhIi 

i|nRipqr^r>|np>|npiwv 

Application files 
together with references 
should lie directed to: 

UNESCO - BPS / GES 
Restaurant Services 

7, place de Fontenoy, 

75352 Paris 07 SP (FRANCE - ) 

by2 lNovember 1994, 

at’tihieJatKt 

Applicants must be able to provide 
sound references 


METROPOLITAN MULTI-PLACEMENTS 

74, Grand-Rue L-1660 LUXEMBOURG 
AVIS DE CONVOCATION 

Mr^sirurs les ncliuuntiirrs. sonl iY>nvf>quiV par li* present avis A 

LASSEMBLEE GEYERALE 
EXTRAORDINAIRE DES ACTIONNAIRES 

ipii « liendrn an ffii-gr auriaf a J.u*eiii!iuurp, k- 17 nnrrmbrc 1994 A 

9 heims 15 awe I’nnln* ilu jour suivanl: 

1. Ajrprnlialion ill- Irniisquii d’aeiions dans 1«; eompartimrnt 

INTERNATIONA I . EQUrriKS (cx. PIACKMENTS MOB! LI ERS 
liMTKRN.VnniNAl l\). 

2. Modificalinn He I’nrtielc 5 Hin sUUulu afiti ik* pcrniettre 
remission H'ntlions Hi- dtarihutinn el d'ai-tions ilc capilalifiation. 

3. Mudifti-nlinii He I'nrin'le 10 ufin »!»• pmnrttro u la sod ft e, nous 
n-rtain» mnilitiuns, Hlmeslir junpi'u IlMnb ric see nnlifc dans 
dilKreni':* cniiiMiurm garanhi-s par un Elo! Mrrnhrr dc la 
Cummunniitc lu-nnnmiqiiP Eurnpepnne. pnr eollettmtns 
puhiiquvs l«-rri|oriqli*s, par nn Ktot ijni ne fait pa& parlic dc la 
Communaiin 5 limnomiipip Eunipi'ranr ou par un dcs 
nr^nn»mrs inlrm;iliiiiiui» a cnrnrJrn: politic dont font panic un 
on pluiiiim Elak Meinbri* dc la Commnnautc Economiquc 
Kuro|M;cnnc- 

4. Modi lira lion dc Particle 23 di-s rtotnN pour pouvoir reparti r la 
ma^sr dis avoir? ndaliw n unn categoric d’actions entre les 
nilinns dc HkI rilmtiun cl {•■<> actions dc npitatlisation 
npp:irti-n:im a ceUc categoric dartiims. 

5. Ajonl d’un iiuiivrl article 28 relalif ii la radiation d’nnr categorie 
ifadiiKM. 

6. Divers. 

I.® rwluliotts da. action nai res Ion dc PiWcmlili-c Ccnft-alc 

Exlrannlinaire. sunml wires a line majoritp simple dcs Biiiotinairm 

prisctits rt vula 1 1 Ls. (Jliuipir ni-tion a nn droit de vote. 

Toni ai:ti«innnirr p»*ol voter jwr msndalairr. 

Pour la socicle. 

METHOPOLrr.AN BANK ASSOCIATES 

Socicle Anonyme 

74. Urn i id Hue L- 1660 Luxembourg 



Page 16 


INTERNATIONAL HERALD TRIBUNE. THURSDAY, OCTOBER 27, 1994 



China’s Power-Plant Projects May Be Getting a Boost From Washington 


By Kevin Murphy 

liaematumal Herald Tribune 


port from their governments, would present features of its already. Everybody will try to time to take the Ex-Im Bank 


the Clinton administration has new program to Asian decision- push their export credit agency where he wants it to go.” 


■ HONGKONG — Washing- decided to implement a more makers, 
ton's bid to bolster American export policy. 


to match their terms,’* said a Mr. Brodv said: “We are not 


senior executive based in Hong interested in trying to conduct a 


enng appointing a represents- exchange . rese1 ^ ^ ^ Bank wants to engage m real 

live to China, which will soon able foreign debt le J re moiect finance, they will run 
become Us biggest customer, prompted it to seek ujvcs P ^ $ 3 ^ problems aU 

The bank financed 51.2 billion willing to accept returns in its aw facing ” f 


N 


«-uu IV OU1SICT American _ , , , w««*v%tu* **vu 0 mmoini 111 UJUK w wuuuhu . i„.t mnanAV uiaiw. — 

Exporters’ competitiveness At the end of an exploratory Some businessmen, bankers Kong for a large European in- subsidy war. but we are very ? f e ^J^ l 0 ^ u,a . tbl f Q ^ ,up ^ curr “^* . e time though 

Jhrough increased Export-Im- trip to China, Kenneth Brody . expressed fears dustrial group with interests in interested in making sure the from 5644 million m 1993. Given J^e touted AX thi fi al ] 

axsass ^r erhasale ' elplay - 

MS® “So far we have seen little fcH8 "" 




plants and infrastructure pro- 
jects in China, industry analysts 
said Wednesday. 

Faced with a market where 
European and Japanese compa- 
nies have gained a sizable head 
start through diplomatic influ- 
ence and some financial sup- 


State Development Bank that JSWjjS oSi it 

could “lead to a substantial 


“So far we have seen little “This is one e.xampie of the 
change, but the Chinese are al- way the Ex-Im Bank is leaving 
readv usine the Americans' behind its passive, reactive 


could lead to a substantial ^ ^ ^ SWfXieaed deal5 ready using the Americans’ behind its passive, reactive 

amount of new financing for thal ™ vored American busi- promises as leverage against mindset for one that * active 

major projects in China. us,” the European executive and market-driven, said Mr. 

said, echoing a wait-and-see at- Brody, a former Goldman. 


The bank also announced it 
would hold a high-level confer- 
ence on project financing in 
Hong Kong in February that 


“If what they are saying is 
true, it will make the competi- 
tion much tougher than it is 


ritude among foreign business- Sachs & Co. investment banker 
men. “Mr. Brody is doing a who has brought several senior 


but we’ve gotto be in it to drive largely balked contracting ^ 

everyone else out of it." themselves to major Chmoe *«». _ :« Hfcelv to limit 

China’s dramatic economic repa> ihe total amount of foreign debt . 

growth has seriously strained its m currc f^ : . k SwilUngtoUicur. concession- 

infrastructure. The country es- It s a good thing if the Unit- it *s Mg Amcrican equip- * 
pecially needs funding for pow- ed States helps finance equip- suoob'ers for large pro* 

er generation, among other pro- meat purchases. This is help jMjj* 1 ‘jjgL \ 0 accelerate the 
Sects. American suppliers really 




rfi. •' 


AMEX 


good sales job. but it will take private sector financiers to the jects. American suppliers rcanj 

government agency. But Beijing s concern with need, said Nicholas Howson, a 

— — — i He said the bank was consid- maintaining its healthy foreign lawer for Paul, Weiss, Riflana 


completion of projects, analysts 
said. 


13 Month 
High Low Start 


Dm YM PE IPOs High UiwLOtaWOrgo 


13 Month 
rtohLow stoat 


Dm -na PS 10 D» High LawLoredOi'gt 


Wednesday’s dosing 

Tables include the nationwide prices up lo 
the dosing on Wall Street and do not reflect 
. I ale trades elsewhere. Via The Associated Press 


m* ittsmUTw 
im aasivfeVid 
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17 S^Surr^Tx 
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„ IS 17S IS* IB 1 * IBM —Vb 

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l 12 Month 

LOW 5 lock 


(Continued) 


DwYid PE inos hbjd lowLoi^iOi'dc 



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330 7A _ 271 11 'i 11 11% - 

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INTERNATIONAL CLASSIFIED 


LOW COST FUCHTS 


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■ 2 V. I'-'RedCr 
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79 23V*RctiLn 
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7% 3%Sgnrr«3i 
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_ 19 10 8% 8% BH + V* 

IJ 9 53 13% 13 13 — % 

JS II 1B2% 1B3%1B2%— 2 
19 11 61 II 10% 10% — % 
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.. _ 30 1% 1% 1% ♦% 

> 18 23 2% 2% 2% *% 

> _ 20 4% d 4% 4% % 

_ 20 144 9% 9% 9% _ 

> 8 1 4% 4% 4% _ 

_ _ 415 4% 4% 4% _ 

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„ 5 36 6% 6 6% * % 

L3 - 37 3V« 3%. 3Vu — % 

> _ 30 3W 3V„ 3Vi, — "i* 

> 5 172 3% 3-1, JWu— %* 

> _ 510 4% 4% 4Vi +% 

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9 3 Toobrx* - 76 

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18%10%TO»IP« J0e 1*i IS 
3^8 l%TownCty _ - 

6% 'VuTWAvfa - - 

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INTERNATIONAL 

RECRUITMENT 


Embassy Service 
YOUR REAL ESTATE 
AGENT M PARS 
Tel: (1) 47.20.30.05 


PAHS - 74 CHAMPS ELYS&5 

CLARIDGE 


WOUD AWATWH • 

■- ,-Lrre hn«*n KimDKly O* 




Wi dan rwdy » 

fuS/ 6qm»ed CTX3 fwnaMO. 

Tot 14013133. Fw 14125.0488 


EDUCATION 



Appears on Page 21 



CAflTAlE • ftUTNBB 
Handpicked quAy ppartmeotv 

d saw. Pons and w bmtA 

Tat 1-4614 8211. Fax 1-4777 Wt 


employment 


PERSONALS 


SHOPS 


AT TOM IN PAHS 

PARIS PROMO 

u purtmcnE lo lew fwinhed or mi 



HOUSBfflW «vliW 

jpedt French onrf Chgto*. . 

non M, to wdk « V»ma«na 


HAPPY BIRTHDAY 
SI GRID 


FRtDDY 


Stic ft Propoty Monoganeol Snw 
25 Aw Hoehe 75088 Pan. Fox 1 -456U020 


7ft, SOUBtMCL 2 room flat, das 
buttng, xprat bn* 4 Ww. a* 
(M&JwCWt, coble TV. F7.500 +■ 
rfSrgev. Td: aw«r [1| 45 48 23 54 


non o«, to wi" 

S&'S.W^ST- 

da Shone. CHlItM GENEVA 


Tel: (1} 45 63 25 60 


LEGAL SERVICES 


From tdl your friend* at lb* Trib. 


ANNOliNCEMENTS 


Newty renovated shop m head of Pom. 
Car* In & buy afl your perfumes & 
pfa ' Dufy Free" ul SAVINGS OF 
bads from the ■■Opera' 1 , 
next io *e American Exprc& Bank. 
rt£= GTT with itus od Mavfri. 9A30 
; 10 rim Auba, Pari* 9, Metro Opera. 


himntional 
Herald Tribune 
Mb work 


W4M + Chartxft. 


BUSINESS MESSAGE CENTER 


18 8% 8% 8% _ 


_ „ 1 1% 1% 1% _ 

_ 24 S'A SV4 FA 

A 358 143 18% 17% 17% — % 

A 149 1826 1BV. 17% 17% _ 

_ _ 3 8% 8% 8% —la 


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40 2J%SmlltiAO J? 2.1 10 242 24% 24% 24% _ 


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261 l?% 17% 12% _ 

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19% l>i5CEd PfE 1.19 &6 _ 3 137. 13V, 13% —V, 

23' * l6%JCEd pfG 1^15 87 _ 21 16% 16% 16% — V* 

26 21 SCEdofP 1.M 86 — 38 21% 21% 21% — % 

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7% 3% SwnUte «. ... 753 4% 4% 4% _ 

19%14’iSwnLtaBf 1J5 1U - 128 1S% 1S% 15% — V, 
6% 3%SPcrtch ._ 8 224 6 5% 5% _ 

12% %SP«!C1V1S - _ 5B9 1V U 1 1% *%, 

• 5% 2'..SpiSupwi _ 6 2% ZWi. 2«Vu— V„ 

9% 8%Saar1sCn - _ 90 8% 8% BV. _ 

48V«»3". C 3PDH l.Ite2J - 3010 467/u46%.46»u -*%. 
35% 24% Siepon M ZA 20 I 34 34 34 — % 

31% 14 SKWan _ 17 41 14% 14% 14% *'f» 

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issue wtm dividends In arrears. 

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sis — soles. 

t— dividend paid Instock In preceding 12 months, estimated 
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der the Bankruptcy Act, or securities assumed by such com- 
panies. 

wd — when distributed, 
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nr- wtfn warrants 
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Established on May 5, 1994, the 
Lebanese Company for the Development and 
Reconstruction of the Beifut Central District, 
SOLIDERE, is in charge of financing arid 
executing infrastructure and marine works 
within the city center of Beirut and of 
developing this area, spreading out over 1.8 
million square meters. 


providing an unobstructed , view of the . sea. 
A marina will be constructed at each -end of 
the sea-defense structures. 


SOUDERE wiH also treat a dumping 
site of 250,000 square meters, created on the 
waterfront during the war in the absence of 
an alternative site for refuse. Disfiguring the 
coastal facade of the city, this major ideal and 
regional environmental problem, ' will be 
treated, transformed, and expanded .into 
development and public lands •“ of 
approximately 600,000 square meters to 
include a vast green park, a seaside boulevard, 
tree-lined promenades, and residential, 
commercial and office spaces* 


SOLIDERE wishes to . develop a 
bidders 1 list for the Design and Construction - 
of the sea-protection .works .highlighted 
above, Internationa! contractors who . have 
already executed similar works, and who have 
access to the appropriate type of equipment,, 
are invited to submit a pre-qualification 
document to the address below, . to be. 
received not later than November 15,1994:. 


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The reclaimed land will be protected 
against storms by sea-front defense 
structures extending over a distance of more 
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tons each, a lagoon and a series of quays and 
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Based on the information received 
from contractors, SOLIDERE will establish a 
short list for invitation to tender. 


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INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 27, 1994 


Page 17, 


SPONSORED SECTION 


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The State of North 
Rhine-Westphaua 

Area: 34,071 square kilometers 
Population: 17.7 million 
Prime Minister: Johannes Rau 
Capital: Dusseldorf (pop.: 578,000) 
Other major cities: 

Cologne (959,000) 

Essen (627,000) 

Dortmund (601,000) 
Duisburg (537,000) 



High aspirations 
and proud banners 
in North Rhine- Westphalia: 
left, a Dusseldorf skyline; 
below, Cologne's 
trade-fair center. 


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w* 17.76 million in- 
halants, North Rhine- 
Westphalia is Germany’s 
ipulous state and the 
populous non-national 
ifeal entity in .Western 
^ ^_e: It Has the economic 
statistics to match its size: 
Germany’s largest state 

- GDP, at 710 billion 
Deutsche marks ($473 hil- 

^.lion), or the size of China’s, 
*■ aodthe biggest state share of 
-+46.of Germany’s top 100 
; conqjanies. As might be ex- 
pected, the state’s list of 
[‘Germany’s most" is long; it 
includes 1.18 million com- 
panies, 7.42 million em- 
ployed, 16 universities, 
1,000 research institutions, 
390 major museums, 1,000 
environmental protection 
couipanies and three top-10 
trade fair authorities. 

Throughout Europe’s in- 
dustrial history. North 
Rhine- Westphalia and its 
forerunners have produced 

- the biggest stale products in 
the biggest state amounts. In 
the tnid-19th century, these 
staples were steel ingots, 

machine tools and tele- 
^ ^ lines; today, they are 
cOnffmunication links, low- 
energy, clean air 
, dhd information. 
.Rhine-Westphalia is 
*to all six of Ger- 
s operators of 
mmunication net- 
jts three leading ener- 
ers, its largest envi- 
^ r r6nmental technology com- 
panies and Europe’s largest 
media group. 

Forefront of change 
The state has also remained 
at the forefront of change in 
Europe, North Rhine-west- 
phalia had to contend with 
all the negative ramifica- 
tions of an aging industrial 
base, including ravaged 
landscapes, high races of un- 
employment and industrial 
unrest 

To overcome these prob- 
lems, North Rhine-West- 
phalia has, today, become 
Europe’s leading area of re- 
development Over the past 
two decades, the state has re- 
engineered its industrial sec- 
tor, revitalized many of its 
conurbations and rehabilitat- 
ed laree stretches of once- 
despoiled nature. 

Today, communications 
technologies and the media 
form the state’s largest sec- 
tor. Throughout the state’s 
industrial areas, low-rise 
production facilities have 
taken the place of smoking 
mills, white sprawling ex- 
of pump houses, slag 
industrial canals 
have been turned into muse- 
ums and technology centers, 
parks and playgrounds. 


Meanwhile, whole new cen- 
ters of technological devel- 
opment have sprung up in 
Mfinster, Aachen, Essen, 
Bonn and other state com- 
munities. 

‘There’s no blight in this 
state,” says Rolf Nienaber, 
deputy managing director of 
Essen's Chamber of Com- 
merce. “Not ail sections are 
as glittering as downtown 
Dusseldorf or as gracious as 
the MargaretbenhBbe here in 
Essen; but there are no 
wastelands or ‘no go’ ar- 
eas.” 

Model and magnet 
This accomplishment, in 


turn, has been the product of 
hundreds of individual pro- 
grams. initiatives and orga- 
nizations, many of which 
have gone on to become the 


never been greater. In the 
much-discussed public-pri- 
vate partnership area alone, 
Oberhausen was the first 
city in Europe to put its mu- 


stqples of German -or Ebro- . nicjpal services on a private- 
pean - redevelopment ef- sector basis, sharply cutting 


forts. One of many exam- 
ples: the one-stop redevelop- 
ment agency, responsible for 
everything from site recla- 
mation to international in- 
vestor outreach, was pio- 
neered by North Rhine- 
Westphalia's LEG (Lan- 
desentwicklungsgesellschaft 
Nord Rhein- Westfalen 
mbH). 

The spate of innovation in 
North Rhine-Westphalia has 



An Innovative 

Cologne-Based 

Broadcaster 

If industrial engineering was North Rhine- West- 
phalia’s first big-ticket industry, broadcasting is its 
newest one. Cologne is home to Wescdeutscher Rimd- 
funk, Germany’s largest station in ARD, the national 
public network, and the newer RTL, which has shown 
a flair for adapting the best of international broadcast- 
ing innovations. 

Over the last 10 years, RTL has risen from being a 
shoestring operation with a few thousand viewers to 
Germany's leading broadcaster. Helmut Thoma, its 
chief executive officer, has been the driving force be- 
hind its expansion. “Like no one else, he has been be- 
hind the developing and creating of private-sector tele- 
vision in Europe,” announced trie U.S. National Acad- 
emy of Television Arts and Sciences when it bestowed 
an Emmy award on Mr. Thoma in early September. 

Don't a country's biggest broadcasters usually base 
themselves in its biggest city? “A nation's media pow- 
ers are headquartered in its most important city,” Mr. 
Thoma concedes, adding: “Germany, perhaps the most 
truly federalistic country in Europe, is an exception to 
this rale. It has three, perhaps four smaller-scale New 
Yorks or Romes. But the equation ‘big city and big 
broadcasters' is still valid, at least in a psychological 
way. Broadcasters thrive on and rely on the big city’s 
inner mobility, its pulse of things taking shape, assum- 
ing novel forms - and on the tolerance unleashing this 
inner motion. 

“Nowhere in Germany is this sense of the big city 
more concentrated than in ‘downtown’ North Rhine- 
Westphalia. and particularly in Cologne. Individually, 
its cities may not have the population size of their 
counterparts, but by any other applicable criteria - mu- 
seums. number of artists in residence, interesting fash- 
ion on the street, etc. - the state is a very big city.” 

Asked about the future of the German broadcasting 
scene, Mr. Thoma observes: “The American broadcast 
industry's present has always been Germany’s future. 
And that’s still true. We've had, belatedly, an America- 
like mushrooming of private-sector television; we’re 
now experiencing an America-like proliferation of 
broadcasters and niche senders. Over the past few 
years, however, we’ve shortened the time lag between 
America and Germany, and, hopefully, learned from 
mistakes made there and in other markets. RTL, for in- 
stance, is lean. We haven't made any major invest- 
ments in buildings and in building up administrative 
superstructures. Our 750 staff members represent our 
major capital. That will stand us in good stead in the 
challenging times to come.” 


costs and processing times. 
The state also pioneoed pri- 
vate ownership of facilities 
producing such public ser- 
vices as water and waste 
treatment 
Nor has the state ever 
been more widely used as a 
role model than today, in 
places ranging from 
Poland’s upper Silesia and 
Slovakia’s Martin district to 
downtown Leipzig and ex- 
uiban Barcelona. 

The state has not relied 
solely on its own efforts in 
reinventing itself. As of the 
end of 1992, non-Germans 
had invested more than 50 
billion DM in the state. Non- 
German companies now 
hold equity stakes in nearly 
3,500 state companies, with 
a total turnover of 223 bil- 
lion DM and employing 
444,000 people, according 
to the state’s office of statis- 
tics. 

In early May, the corner- 
stone was laid for the Warn- 
er Bros. Movie World in 
Bottrop. Media giant Time- 
Wamer is reported to be in- 
vesting 360 million DM in 
the project, said to be Eu- 
rope’s first film theme park, 
to be opened to the public in 
1996. 

Site recycling 
On July 1, the Ford Aachen 
Research Center was put 
into operation. It is the sec- 
ond of its kind in the world 
for Ford, which chose the 
site because of its close links 
to the state’s “excellent re- 
search and development net- 
work.” Eight days later, it 
was the locals* turn. 
Siemens announced its in- 
tention to build a 100 mil- 
lion DM tail vehicle testing 
center. In a tribute to the 
state's redevelopers, the site 
chosen was a converted for- 
mer RAF air base in 
Wildenrath. It will be Eu- 
rope’s first such private-sec- 
tor facility. 

An even more striking bit 
of testimony to the state's 
investor appeal came in ear- 
ly September, when yet an- 
other cornerstone was laid, 
this time in Oberhausen, for 
a 2 billion DM shopping, 
sports and leisure-time cen- 
ter. 

The developer and main 
investor is the British P&O 
group. Typically enough, 
this site, to be the venue of 
“one of Europe’s major cen- 
ter-city developments,” was 
once a steel-making facility. 



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Mannesmana Demag Huttentechnik 

Pcistfach 10 15 07, D-470'16' Duisburg. Phone (2 03) 6 05-1, Fax (2 03) 6 05 25 77 



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INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 27, 1994 


Industrial Engineers Steamroll Ahead 

Growing international demand has led German engineering companies to diversify dramatically. 


Ferule Ground for New Museums 


-Industrial engineering is one of 
the most intricate, involved and in- 
ternational fields of business, and it 
is a specially of North Rhine- West- 
phalia. The region's typical indus- 
trial engineering project is denomi- 
nated in billions of dollars, millions 
of man-hours and thousands of in- 
dividual technologies and compo- 
nents. These projects are carried 
out in 170 countries by the various 
subsidiaries of a dozen major Ger- 
man groups, nearly all based or ac- 
tive in the state, and bearing such 
names as Deutsche Babcock. Man- 
nesmann and RWE, whose rates of 
non-German sales and project 
work routinely represent more than 
SO percent of total output. 

These projects run from power 
plants and steel mills to sewage- 
treatment plants and mass-transit 
systems. But as recently as the late 
1950s, the highly versatile compa- 
nies carrying" them out were often 
concentrated in a single sector and 
a single production site. 


Technological imperative a Babcock steam-gene, 

What caused this change? “A very 

clear case of internal technology transfer." says Heyo 
Schmiedeknecht. chairman of the board at Deutsche Bab- 
cock AG. 

“A matter of simple business necessity," says KJaus 
Bruckner, president of Mannesmann Demag Huttentechnifc. 
the plant-engineering subsidiary of the Mannesmann Group. 

Says Mr. Schmiedeknecht of Deutsche Babcock, founded 
in 1898 in Oberhausen and not associated with the British 


A Babcock steam-generator power-plant extension. 


company of the same name; “We 
had 60 years of building industrial 
facilities for ourselves and selling 
complex equipment to others, of- 
ten located around the world. The 
key move was to meld these two 
expertises. Everything after that - 
Babcock's entry into such new 
fields as environmental technolo- 
gies and cogenerated energy, our 
growing internationalization - has 
stemmed from that move." 


Going for high stakes 
The companies have had to re- 
spond resourcefully to the evolu- 
tion of the marketplace, even 
when doing so seemed to carry a 
high degree of risk. Mannesmann 
Demag's Mr. Bruckner points 
out: “Selling equipment, semifin- 
ished produces or services on a 
per-fee basis were all safe, lucra- 
tive businesses, until changing 
economic realities forced the in- 
dustrial engineering companies to 
look for new sources of income. 
International project work was - 
or power-plant extension, and is - a high-stakes business. 

Not all companies were prepared 
to take it on, and oat all have found it be profitable." 

Still, the fittest in the business survive - and prosper. “All 
successful industrial engineers have one innate characteristic 
in common," says Mr. Schmiedeknecht. "and that is a na- 
tive, ever-growing flexibility. No two projects are alike, and 
each of the technologies Babcock employs comes with high- 
ly individual operating requirements. New areas of business 
are opening up literally daily.” 


Sometimes it seems as if a neck-and- 
neck race is taking place. As soon as 
a new museum is opened in North 
Rhine- Westphalia, fervent museum- 
goers rush to attend it. The museum 
builders retaliate by opening another 
one - and so on. 

In early September. Bonn’s Muse- 
um for Contemporary Technology 
became the 93nd museum to be 
founded in North Rhine- Westphalia 
since 1991. The state also holds Ger- 
many's records for the greatest mu- 
seum attendance on an annual basis — 
well over 12 million in 1993 - as 
well as for a single exhibition. Held 
in 1993. “Morosow and Schtschukin 
- the Russian Collectors” drew 
570.000 people to Essen's Folkwang 
Museum. 

Durer and Munch 

Four traits link Johann Heinrich 
Richartz and Peter Ludwig: success 
in business, a pjasaion for "collecting 
art, generosity in sharing it — 3nd a 
building. In 1824. Richanz’s dona- 
tion of 100.000 talers fed to rhe 


founding of Cologne's Wallraf- 
Rtcharre Museum, one of the world's 
premier collections, with works from. 
Dtirer to Munch. In 1977, the Muse- 
um Ludwig opened its doors. It con- 
tains works detailing the course of 
20tft century from the Bruckc to 
Post-Conceptualism. Both museums 
are housed in the same futuristic 
structure. Across the square is the 
Roman-German Museum, opened 
three years before 'the Museum Lud- 
wig, and -.reportedly Germany's best 
display of Roman life and art. 

Nowhere has the pace of museum 
foundings been more furious than m 
Bonn. The high point came in June 
1992. when the Kunst- und Ausstei- 
Iungshalle tier Bundesrepublik 
Deutschland (Germany *& federal hall 
for major art exhibitions! und the 
Kunstmuseum Bonn { Art Museum 
of Bonn, specializing in German art 
of rhe 20th century J were opened 
within two days of each other. They 
have made Bonn a major center of 
contemporary art in all its forms and 
genres. 


AH told. the city now has 15 muse- 
ums, including the Raaen-Museum 
and the Rbeinisches Landesmtmim, 

itself a one-museum retrospective 
everything from paleontology .to l*»P 
art, ’ 

Modern Medids . 

At first, the business barons in the 
Ruhr and Rhine area.M .scant use 
for the country's Bbucr Reilcr,^.- 
pressiortism and other early ■‘■Oth- 
ccntury art movements. Then tberr 
disregard warmed up to un intonttw 
interest. By the 1960s: it had become 
a consuming passion, one amply fi- 
nanced by their well-lined wnus. 

Many of the wide-ranging, highly 
eclectic collections accumulated in 
North Rhine- WestphaBa during the 
postwar era have now iqadfc fbetr 
way. through soles and donations, to 
affluent DilsseldodV to the city’s le- 
gions of well-established' art gal- 
leries, and its. Kunstmuseum DOSscl- 
dorf and die Kunstsammluna. Nnr- 
dibein-WestfaJen, DEteseWorTs two 
main art museums. 


Exporting Know-How to the World 

As one North Rhine- Westphalia company’s experience proves, local expertise travels well. 


Sharing Energy Expertise With China 


It is a match that could 
serve as a role model for 
Europe's capital-goods 
producers entering Asia's 
high-growth markets. Chi- 
na has vast coal deposits, a 
* growing problem with its 

■. environment and an insa- 

liable demand for energy. 
T Babcock Lentjes 

I/*!*. Kraftwerkstechnik GmbH 

ISvilP.-.has a furnace technology 
S"» H t»ermitting electricity and 
wil ieat to be relatively cleanly 
wj'^togenerated from coal. 

.'*• The result has been the 
com P an y s securing of or- 

3 w a_ 


tiers worth nearly 500 mil- 
lion Deutsche marks ($333 
million) for equipment go- 
ing into coal-fired cogener- 
ation power stations "locat- 
ed near Beijing and in 
Tianjin. Having been ac- 
tive in China for eight 
years, the company is also 
preparing bids for another 
eight projects. 

“High-powered sales 
skills~or exciting price 
schedules are not the pri- 
mary requisites for Euro- 
pean companies selling to 
China." says Claus 


Brinkmann. general man- 
ager of the company's 
steam generator division. 
“Rather, companies have to 
display the willingness and 
ability to learn, and the re- 
sources to educate potential 
partners as to what is avail- 
able and what might be of 
use.” Mr. Brinkmann says 
the experience has been a 
valuable learning process. 
“First Deutsche Babcock, 
as has been the case with 
many German companies, 
had to learn how the Chi- 
nese market functioned. 


and where and how our 
range of products and ser- 
vices could mesh with it.” 
he says. “Then, as pan of 
the making of our bid. we 
arranged for the Chinese to 
tour plants employing our 
technologies in Germany, 
to facilitate their setting to 
know our capabiIities."Fi- 
nally, after we received the 
order for the Beijing plant, 
we 1 Chinese and Germans} 
all sat down together at a 
six-week roundtable, in 
which progress was made 
on all technical matters.” 


Li the words of Hans-Jiirgen Klingelhofer. member of the 
board of directors ar Mannesmann Demag Hiittenieehnik, 
the 1.8 billion Deutsche mark (SI. 2 billion) modernization 
of the Stee) Authority of India Ltd.'s steel works in Durga- 
pur has been a fairly typical project for the company, “as far 
as any of our 50-odd current projects can be said to be typi- 
cal.” 

The project involved marshaling supplies and services 
from three pans of the world, working in four different lan- 
guages and overcoming a number of unexpected setbacks - 
all par for the course for North Rhine- Westphalia's industri- 
al facility builders. 

Fancy footwork 

In I9S 9. it looked like a straightforward proposition - com- 
plex. but no more so than usual. .As leader of the consortium 
charged with renovating Durgapur. Mannesmann Dentag 
Hiittenieehnik was to supply overall management and key 
sen ices, technologies and components. An industrial trad- 
ing h* -use in the Soviet Union was to pro\ ide the steel, while 
two partners in India were to handle local supplies and logis- 
tics as well as the construction work. 

Then came the breakup of the Soviet Union and the col- 
lapse of much of its business infrastructure. As head of 
Demag's project building department. Mr. Klingelhofer and 
much of his project team of 15 soon found themselves con- 
fronted with ever-lengthening deadlines from the Russian 
consortium partners. 


“We went directly to ihc factories and spoke to their exec- 
utives, and rhe executives came to Duisburg, to get some 
firsthand exposure to our state-of-the-art facilities,” says Mr. 
Klingelhofer. explaining what happened next. The ensuing 
months' intensive, close professional and personal relation- 
ships paid off in the delivery of 30,000 tons of steel structure 
to Durgapur. only a few months late and of “surpassingly 
good" quality. 

The numbers speak 

Meanwhile, Demag's engineers were working with the Indi- 
an partners, augmenting the Indians' engineering expertise 
and smoothing out differences between the two countries’ 
technical standards and operating methods. By die time the 
main phase of the project had been concluded. Demag's 
staff had invested 150,000 man hours, compiled 6,000 blue- 
prints and diagrams and processed over 15,600 pieces of 
correspondence. The company h:id directly or indirectly su- 
pervised the work of up to .LOW building site personnel the 
building of 32 outer structures and the delivery of 62,000 
tons of machines, electrical equipment and supplies. 

On June 4. Durgapur was put into operation. Demag's job 
didn't end there, nor did Mr. KJingelhitfer's concerns. Some 
50 company staff members are supervising the work's initial 
operation phase. During the early October outbreak of pneu- 
monic filaguc in India, Mr. KlingelhSfcr was in charge of 
monitoring the situation for Demag. “First thing I did every 
morning was to call India," he says. 


\S 5 

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: :rt \ b 


Nothing escapes Agfa. Neither reality; nor a product ot the imagi- 
nation. Agfa film and graphic systems offer photographers the 
possibility to fuse reality and illusion, to creatively manipulate an 
image. Rim is Agfa's visiting card. Everybody knows it Evetybody 
loves it Professionals and amateurs alike. But Agfa is more than 
just film, for over a hundred years Agfa has been setting milestones 
along the road to today's hi-tech world ot text and Images. 


Photographic paper and photocopiers. X-ray film and cine-film, 
computer-controlled photo composition systems, digital art 
printers and mini-labs p hour labs") - Agfa provides vital 
stimulus in all areas of progress. The Agfa rhombus is a shining 
light in more than 140 countries on all five continents. 
A symbol of quality in a world of - ^ 
light Pointing the way to the future. 


They 're not exaggerating. 

Obviously, piccures say a thousand business-minded city may have never 
words. The histone backdrops, become one of Germany's most sought- 

scenic landscapes and full variety ot after commercial locations, 
attractive leisure-time activities all make Interested? - Talk to us! r,v • O 

it easy to fad in love at first sight with '? 

.■ \V7 _ li* r Wirtschaftsforderung 

this Westphalian metropolis. Munster 

Bur Munster 's "inner qualities" are 
equally attnerive - without them this 

STADTfll monster 


NOTHING ESCAPES AGFA. 


Munster V “pride and joy"- 
thr historic Prinspalmartt 
in the center of the city. 


Many People say 
that Munster is the most 

BEAUTIFUL ClTY IN GERMANY. 


0*6 


SEEN THROUGH THE EYES 
OF IMAGINATION. AGFA. 


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»ould there be a direct 
connection between an 
area's dominant psychologi- 
cal traits and the kinds of 
technologies emerging from 
its laboratories? California’s 
■‘No sweat, just do it” cli- 
mate engendered the world’s 
most user-friendly comput- 
er. The Walkman was de- 
veloped in crowded, space- 
conscious Japan. Now Mun- 
steiv tbai center of cultivated 
livirfg, has produced a chip 
witfc taste. 

professor Meinhard 
Kpibfl’s prize- winning mi- 
crochip can taste liquids of 
any- description, from blood 
to lake water to sewage, for 
the pre sence of materials 
rangng from sugar to heavy 


After ascertaining the liq- 
uid’s make-up. this micro- 
labbratory then processes its 
findings and relays them on- 
line to a central processing 
facility. Forecast price per 
drip: 1 Deutsche mark, or 66 
cents. 

Attributes that attract 
“If there is a connection [be- 
tween a region and its tech- 
nological creations], it's 
probably not that straightfor- 
ward,” says Professor Knoll, 
who heads Miinster's Insti- 
tute for Chemical and 
Biosensorics (ICB). “Cer- 
tain regions, such as MGn- 
ster, seem to have the attrib- 
utes to attract and retain cre- 
ative talents, and to thus 
generate innovative prod- 
ucts. At least, I know that 
Mfinster's attributes - its 
physical beauty, its relaxed 
pace of life, plus a below- 
the-suxface avidness to inno- 
vate, convinced me to move 
here nine years ago.” 

Like its counterparts 
Aachen, Bielefeld and sev- 
eral dozen other cities, Mun- 
ster represents the quieter 


side of North Rhine- West- 
phalia. Although major met- 
ropolitan areas are not far 
away - the Ruhr district is 
located some 70 kilometers 
(43 miles) away - Mtinster 
(pop. 280,000) is more low- 
key than high-powered. 

100 moated castles 
The Munsterland region has 
the verdant, wide-open 
spaces and Jong vistas char- 
acteristic of northern Ger- 
many and Scandinavia. 
Compact industrial centers - 
Rhein e, Bocholt and AhJen 
- are neatly dispersed 
throughout the region's 
6,000 square kilometers. 
Rather than skyscrapers and 
office complexes, the Mun- 
sterland has a very charac- 
teristic architectural special- 
ty- 

There are well over a hun- 
dred moated castles and 
palaces in the region, in 
styles ranging from tune ted 
Gothic to loggia-decked 
Venetian, all connected by a 
10,000-kilometer network of 
bicycle paths and inter- 
spersed with a Kentucky- 
like profusion of horse farms 
and racing stables. 

Another point of similarity 
among North Rhine- West- 
phalia's upstate communi- 
ties is the combination of an 
intense allegiance to the lo- 
cality with an international 
outlook. Each year, a new 
crop of students comes to at- 
tend its Wesrfalische Wil- 
helms-University, whose en- 
rollment of 45.000 accounts 
for four-fifths of the city’s 
student body and makes it 
Germany's fouith-largest in- 
stitute of higher learning. 

Young entrepreneurs 
Each year, a large portion of 
the university's graduates 
decide to stay in Munster, 
accounting for the city's 



The Haus Hulshoffis just one of the Uunstertand’s many architectural attractions. 


swelling ranks of young en- 
trepreneurs. They, in turn, 
are responsible for many of 
the 1 8,000 jobs created in 
Munster over the past 1 1 
years. Coming in a rime of 
personnel reduction, this 1 8 
percent rise in the total num- 
ber of employed is an elo- 
quent tribute to the region's 
underlying vitality. 

Science and technology 
Many of those who stay on 
in the city find work at such 
new technological develop- 
ment facilities as the ICB. 
founded in 1991. or set up 
their own businesses in 
places like the Technolo- 
giehof. 

After only one year of 


planning and approval and 
two years of construction, 
the ICB will move into its 
new facility in early Novem- 
ber. “In that sensorics is a 
cross-discipline of micro- 
electronics, information 
technologies, chemistry and 
biology, it is typical of Mtin- 
ster, that mixing and meet- 
ing place of technologies 
and scientists.” says Mr. 
Knoll. “That an institute of 
this size could be created in 
such a short time is a good 
demonstration of North 
Rhine-Westphalia's com- 
mitment to speeding up the 
reworking of its business 
base.” 

The ICB is the second fa- 
cility to be completed in 


Miinster’s “Science Park.” 
The Tcchnologiehof was the 
first, opening its doors on 
March 18, 1993 - 10.000 
square meters of usable 
space in a building with 
sweeping futuristic" lines. 
Now, a year and a half later, 
its 37 tenants are working on 
such esoteric and prize-win- 
ning items as time-of-flight 
mass spectrometers and bio- 
mechanical bufferers, ac- 
cording to Dr. Bernhard 
Roth, head of Munster’s 
business development 
agency. 

Accessibility 

Their fervid local patriotism 
does not mean that the resi- 
dents of the Munsterland are 


stay-at-homes - quite the 
opposite. They arc interna- 
tional by location - the 
Netherlands forms Munster- 
land's western border - and 
profession. To see how peri- 
patetic the business and sci- 
ence communities have be- 
come. a visit to Munster-Os- 
nabriick international air- 
port. with its long ranks of 
rj incoal -clad professionals 
waiting to board airplanes to 
London and Paris, is instruc- 
tive. 

Getting home is just as 
easy. “It's nice to be able to 
fly directly to the world's 
centers in the morning.” says 
Mr. Knoll, “and very nice to 
be able to fly home "to Mun- 
ster at night.” 


Getting to Paris 
In Half the Time 

New transport projects will shorten travel times. 


Germany is a relatively 
compact country located 
smack in the middle of 
Europe. Its inhabitants 
have come to take short 
intra-German and Euro- 
pean travel times for 
granted. Nowhere is this 
more apparent than in 
North Rhine- Westphalia. 
Two of the country's nta- 
jor airports - Dusseldorf 
and Cologne/Bonn - are 
only 35 minutes apart. 
One hour of travel suf- 
fices to take in the state's 
three major metropolises. 

Still, the travel limes 
cited in the newspapers in 
late spring caused even 
the most blast? residents to 
take notice. Paris- 
Cologne: two and a half 
hours by train; Cologne- 
Frankfurt, one hour. 


“Europe: Twice as 
Close" ran the headline in 
a local paper, a reference 
lo the halving of current 
travel times offered by the 
completion of Western 
Europe's ultra-high-speed 
rail network, set lo go into 
operation in stages start- 
ing in 1997 and ending in 
2000. 

These improved links 
are just part of a variety of 
European Union and na- 
tionally funded rail pro- 
jects aimed at extending 
Europe's high-speed rail 
network from today's 
2,200 kilometers y 1,364 
miles) to 6.600 kilometers 
in the year 2000. 

At that time, the main 
east-west line is to extend 
from London to Moscow, 
with Cologne as its hub. 


“North Rhine- W’estpiiaua" 
produced in us entirety hv the Advent sins Detriment 
of the Intemutioiuil Hentld Tribune, it ires sponsored ui ptin by 
SFG mhH ( SimbvrJtirJerunf: *£e scll.ichnlt L 
Writer: Terry SmwKbrrg « ci business writer fatted in Munich. 
Program DIRECTOR: Bill Muhder. 



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TOT 

THEN TO AN 
ENTIRE REGION. 


Cologne is Germany s 

C 7 1 

first media booniiown. 
And RTL lias a hand in 
this success. How? A lot 
lias been happening 
around and about Ger- 
maines most innovative 
and most popular T\ 
station. T\ production 
companies, media schools 
and other stations have 
all opted for Cologne., 
meanwhile providing 
jobs for around 45.000 
people. Suecees, as tliey 
sav, breeds success. 




TELEVISION 





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Page 20 


SPONSORED SECTION 


INTERNATIONAL HERALD TRIBCNE, THURSDAY, OCTOBER 27, 1994' 



High-tech connections, 
excellent prospects. 


Investors wanting swiff access to the 
European market will find Cologne 
with its sophisticated infrastructure 
and central location an ideal 
stepping stone. Between them, 
Cologne/Bonn airport and Dussel- 
dorf airport just 35 km down the 
autobahn service more than 200 
destinations worldwide. At Cologne 
Central Station, the hub of the West 
European railway network, you'll 
find frequent trains to all European 
centres. Before the decade is out, 
travelling times between Cologne, 
Paris, London, Amsterdam and 
Brussels will be slashed by new, 
advanced high-speed trains. 
Cologne and its airport will be 
integrated info the network served 
by Germany’s ICE super train, for 
significantly faster travelling to and 
from Frankfurt. Moreover, ten 
autobahns radiate from Cologne 
and its ring road, carrying your pro- 
ducts far and wide, while another 
essential artery of the European 
economy, the Rhine, flows straight 
through the city's heart. 


To find out more about how Cologne 
could be your high-tech connection, 
just write, fax or give us a call. 


Office of Economic Development 

Rfchortxstr. 2-4, 5066? Min. Germany 

Telephone: (0)2 21/2 21-61 23, Fax: (0)2 21/2 21-66 86 


• r" 1 : \ J i - 11 - + 


,3 ( - - vr.% 




COLOGNE 




NORTH 


R H I N E - W E S T P H A_L_j_A 


COMMUNICATIONS INDUSTRIES 

Are Bonn’s Newest Capital 

Telecommunications and information technology companies are coming on strong. 


L ost-war Realpolitik made 
Bonn into the world's "most 
important international 
small city." Now, a stroke of 
business luck and a hard- 
working, area-wide alliance 
are busy making it into a city 
with a very big future in 
connections - especially in 
telecomm unicati ons . 

The German federal gov- 
ernment currently plans to 
finish moving about half its 
ministries to Berlin by 1998. 
This will leave Bonn with all 
or parts of 1 1 ministries, 
about two-thirds of its feder- 
al employees and dimin- 
ished ranks of diplomats, 
lobbyists and international 
journalists. 

In exchange, Bonn wall re- 
ceive 26 new federal facili- 
ties and at least 2.8 billion 
Deutsche marks (51.8 bil- 
lion) in federal assistance - 
as well as two pressing, in- 
tertwined problems: what to 
do about the loss of any- 
where between 9.000 and 
25,000 jobs, and the reduc- 
tion in custom for the city's 
unparalleled ‘‘international 
infrastructure.” A spread of 
international schools, multi- 
lingual traffic policemen and 
gourmet restaurants worthy 
of London or Washington 
has sprung up in the federal- 
era Bonn. 

A look at the record 

How to cope with this loss? 
For the moment, the city 
need do nothing special. 
Once more, for the third 
time in its history, Bonn has 
received a great dollop of 
plain and simple good for- 
tune. 

In 1818. King Friedrich 
Wilhelm III of Prussia de- 
cided to grace his newly ac- 
quired Rhineland posses- 
sions with a major universi- 
ty. His eye fell upon Bonn, 
then a small sometime royal 
seat. Us previous claims to 
fame were based on the 
Baroque - the city still has a 
number of strikingly ornate 
edifices dating back to the 
16th century - and 
Beethoven, already well on 
his way to becoming Bonn’s 
most famous native son. The 
new university bore the 
names of its founder and 
area - Rheinische Friedrich- 
Wilhelms-Univereitiit. It has 
gone on to become a major 
center of European thought, 
home to such intellects as 
Heinrich Hertz and Barthold 
Georg Niebuhr - and to 


some 3S.OOO students. 

In 1949, those involved in 
the business of founding 
West Germany wanted to lo- 
cate the nation’s provisional 
capital far behind the front 
lines of the Cold War. Kon- 
rad Adenauer, soon to be 
chancellor, reportedly fa- 
vored his home city of 
Cologne, while many others 
plumped for Frankfurt Fail- 
ing to find support for his 
first choice, Adenauer put 
forth its neighbor and. in a 
close vote held on Novem- 
ber 3. 1949. Bonn beat out 
Frankfurt. 

So Bonn became a 
stopover for a goodly por- 
tion of the world's diplo- 
mats, politicians and trade- 
mission-bound executives. 
Over the next few decades, 
its sweep of ministries, 
linked by a big-city metro 
and surrounded by extensive 
office complexes and green 
residential areas, took shape. 

Taking up the slack 
By 1998. 1CT (information 
and communications tech- 
nologies) are set to surpass 
automobile manufacturing 
to become the world's 
largest industry. This suits 
Bonn just fine, since it is al- 
ready profiting from the 
communication sector's 
record-breaking growth. 

With headquarters in the 
city are DBP Telekom. Ger- 
many's soon-io-be-priva- 
tized telecommunications 
authority (and Europe's 
largest telecommunications 
company): its subsidiary De- 
TeMobil. currently the 
country's leading mobile 
communicationsTietwork 
operator; and Deiecon. one 
of Europe's most important 
telecommunications consult- 
ing companies. 

Following their lead, some 
320 other *ITC companies 
have set up shop in the 
greater Bonn area. Their 
ranks include the locally 
based outlets of such multi- 
national giants as British 
Telecom and AT&T as well 
as dozens of newiy founded, 
specialized technical-service 
providers. 

With 6,000 communica- 
tion-sector-related jobs to- 
day, Bonn should have 
15,000 by 2000. according 
to recent projections. As 
North Rhine- Westphalia’s 
fastest-growing and most 
prosperous city, with the 
highest rate of job creation. 


and with 50 new European 
Union and federal-supported 
research institutes, surely 
Bonn can ride out the post- 
move interregnum with no 
special effort. 

Forging a new identity 
Dead wrong, says Hans Jur- 
gen Arens.~managing direc- 
tor of Strukturforderungsge- 

sellschaft mbH (SFG). 
which is resppnsible for the 
Bonn, Rhein-Sieg and 
Ahrweiler regions. “To keep 
movi ng forward, Bonn 
needs a new identity and a 
new way of working with 
the world” he asserts. “The 
only thing the city doesn’t 
need is complacency, nor is 
anyone in the greater Bonn 
area complacent about its fu- 
ture. The list of accomplish- 
ments made and initiatives 
undertaken over the last four 
years provides proof of 
that.” 

For instance, the 26 com- 
munities making up the 
Greater Bonn region - with 
a population of around 1 
million - have joined forces 
and entrusted die coordina- 
tion of their business base 
redevelopment to a single 
agenev. SFG. founded in 
June 1992. 

“As the setting up of SFG 
indicates,” says Mr. Arens, 
"this very diverse metropoli- 
tan area has started speaking 
with one voice to investors. 
Individually, each commu- 
nity was only a piece of the 
puzzle. Together, the greater 
Bonn region has virtually 
everything for every kind of 
investor, from sumptuous 
office suites in downtown 
Bonn to large-scale, cost-ef- 
fective industrial sites in 
such communities as Trois- 
dorf.” 

Surprising synergies 
This pooling and integrating 
of forces is also taking place 
in Bonn itself. “Before the 
city’s internal unification 
process started.” Mr. Arens 
goes- on. “no one was com- 
pletely aware of what any- 
one else was working on. 
which projects and which 
technologies - not surprising 
in a city of independent- 
minded ministries and major 
companies. Quite a few sur- 
prises - and synergies - 
have been emerging at the 
round tables SFG has been 
hosting.” 

Most important, the city, 
instead of passively neceiv- 



Bonn's amenities include hotels tike the Morrtim Hotel & Congress 
Centrum (above) and the Parkschlosschan Lipptsches Palais. 


ing the outside world’s 
largesse, has begun actively 
capitalizing on its formida- 
ble assets. 

"If familiarity with and 
fondness for a site is an es- 
sential precondition for in- 
vestment.” Mr. Arens points 
out, “then Bonn, which has 
won the hearts of genera- 
tions of economic attaches 
and visiting businesspeople, 
has the very best prospect of 
becoming a major interna- 
tional business site." 

World Trade Center 
The challenge has been to 
create a vehicle suited to the 
particular nature of invest- 
ment from Asia. America 
and other high-growth re- 
gions. 

One answer could be the 
World Trade Center (WTC), 
now well into the planning 
phase, designed to accom- 
modate young trading and 
technology-driven compa- 
nies. 

This outreach is being 
matched by an “in-reach” to 
the city’s burgeoning ranks 
of young scientist-entrepre- 
neurs. Adapting an approach 
employed successfully in the 
greater Boston area, the SFG 
is also pushing the develop- 
ment of the so-called Trans- 
ferpark. This organization's 
teams of experts would help 
handle matters of daily busi- 


ness practice for the new 
companies, from recruiting 
key personnel to securing 
and providing venture capi- 
tal and suitable premises. 

Also in the planning stage 
is a 15-hectarc (37-acre) in- 
ternational business area in 
the Oberkassel district and 
the udvanced residential and 
technological park in Bonn’s 
eastern suburb of Sankt Au- 
gustin. 

Information, please 
A number of final issues re- 
main unresolved in Bonn, 
including the future use of 
the chancellor’s office and 
the other buildings in the 
city’s heart. The new Bonn 
is already booking some im- 
portant successes, however. 

For instance, in early Oc- 
tober, citing the presence of 
"a major cluster of telecom- 
munications companies and 
scientific institutes in the 
greater Bonn area,” NEC, 
the Japanese electronics gi- 
ant, announced it would set 
up a major research facility 
in Sankt Augustin. 

“There's a certain nicety 
to Bonn’s progression.” 
points out Mr. Arens. “After 
all, the university, the politi- 
cal arena and the world’s 
ICT and trading sectors are 
all centered on the supply of 
and the demand for informa- 
tion.” 


A Stately Journey Down the Rhine 

Herewith, a river-view tour through some of Germany's best-known cities and regions . 

A, 


Ithough this is a state of 17.7 
million inhabitants and 31 major 
cities, it does not feel densely popu- 
lated. North Rhine-Westphalia's 
largest single city, Cologne, has just 
under 1 million inhabitants, ranking 
it a respectable fourth in Germany, 
but placing it well down in the pan- 
EuropeanTables. With 5.5 million 
inhabitants, the Ruhr district is third 
among Europe’s metropolises in 
population size - but it also has the 
lowest population density and high- 
est percentage of green areas among 
its counterparts. 

About two-thirds of the state is not 
urban at all. Several of the country’s 
largest forests - including the Teuto- 
burger Wald - and some of its most 
sparsely settled countryside are 
found in North Rhine- Westphalia. 

While the state Jacks an oppres- 
sive sense of population, it boasts an 
impressive sweep of adjoining cities 
and regions. The best way to discov- 
er dies-' is to take a trip down North 
Rhine-Westphalia’s 226-kilometer 
( J40-miJe) stretch of the Rhine. 

Bonn and beyond 

Vineyards and villas are the leitmo- 
tifs as the Rhine curves to the north- 
west and enters North Rhine-West- 
phalia. They presage the arrival of 
Bonn, for 130 years a self-sufficient, 
gracious town of university students 
and rentiers, then for four decades 
the sole seat of Western Germany’s 
government. Today, Bonn is busy 
adapting to its role as the reunified 
country’s joint center of federal au- 
thority and, increasingly. Europe’s 
unofficial capital of communication 
services. In addition to federal min- 
istries, a thriving university and its 
“spillover” technological communi- 
ty, greater Bonn also has major 
steel-processing and chemical indus- 
tries. 

Media pftilrc Cologne 
Cologne starts where greater Bonn 
leaves off. In fact, the cities share a 
major airport and the headquarters 
of Germany’s space agency. For 


three decades, they also formed a 
symbiotic dyad: Bonn’s hushed cor- 
ridors of power and Cologne's clat- 
tering industrial might. Then Bonn's 
telecommunications giants plugged 
that city into the world’s fastest- 
growing industry, and Cologne 
veered toward the arts, media and 
multinationals. 

With more than J50 galleries and 
a major art trade fair. Cologne has 
become “indisputably Germany’s 
center of international art dealings,” 
as the New York Times recently put 
it. The city's visual media communi- 
ty is anchored by a long-time resi- 
dent, Westdeutscher Rundfunk. the 
largest individual station in Ger- 
many’s ARD national public-sector 
network, and RTL, the upstart and 
very successful private broadcaster. 
Around them, some 850 film and 
TV production companies, computer 
animation studios and freelance 
camera teams have settled in. Today, 
the media in all forms account for 
one-tenth of jobs in Cologne. 

Multinational business 

With such companies as Ford, Cit- 
roSn and Volvo in the automobile 
sector alone, Cologne's business 
community has long been interna- 
tional. The more recent influx of 
such companies as Toyota, NEC and 
Samsung has given it a decidedly 
Asian flair.. 

The other cities of Greater 
Cologne are major business powers 
in their own right. These include 
Leverkusen, north of Cologne on the 
Rhine and home to the Bayer group, 
currently the most profitable of Ger- 
many’s Big Three chemical produc- 
ers, and its Agfa-Gevaert subsidiary, 
one of the world’s largest producers 
of image processing and producing 
systems and supplies. 

Diisseldorf: Dutch treat 

Thirty kilometers downstream is 
Diisseldorf. whose name conjures up 
a flurry of images, all with a com- 
mon commercial denominator. 
North Rhine-Westphalia’s capital is 


a favorite shopping excursion of the 
Dutch, and has the largest Japanese 
community in Continental Europe. 
Its airport and banking community 
measure themselves only against 
those of Frankfurt, and the opulent 
shops lining the Konigsallee are ri- 
valed only by those on Munich's 
Maxiimtianstrasse, if at all. 

While Diisseldorf is the spotlight- 
grabber among the state's worldly, 
cultivated cities, it also has a more 
pragmatic side. Its large-sale indus- 
trial catchment area stretches west- 
ward to Neuss and eastward to Wup- 
pertal. 

Duisburg confluence 
Forty kilometers downstream from 
Diisseldorf lies one of the world’s 
great river junctions, with a port and 
a metropolitan area to match. Situat- 
ed at the confluence of the Rhine 
and the Ruhr, Duisburg’s Ruhrort is 
the world’s largest inland port, pro- 
cessing 50 million tons of cargo a 
year. It serves as the point of inter- 



Downstrem sector, leisure. 


face between Rotterdam, the world’s 
largest port, located some 200 kilo- 
meters downstream, and the Ruhr 
District, known as “Germany’s, 
wholesaler/retailer/energy provider 1 
as well as easily a dozen other appel- 
lations. 

The remaining 100 kilometers of 
Rhine between the Duisburg and the 
Dutch border are the province of 
cities whose heydays belong to other 
eras and other millennia. Situated in. 
the midst of the lush fields and 
forests of rural North Rhine- West- 
phalia. Xanten was once Diisseldorf, 
Cologne and Essen all rolled into 
one. In fact, at the time of its initial 
flourishing, Xanten was the only city 
in the future state. It was founded by 
the Romans in 15 B.C. 


Useful Addresses 


Agfa-Gevaert AV 
Postfach 
51301 Leverkusen 
Tel: (49 214)3040 
Fax: (49 214)30 41 233 

City of Cologne 
Richartzstrassc 2-4 
50667 Cologne 
Tel.: (49 221)221 0 
Fax: (49221)221 6686 

Deutsche Babcock AG 
Duisburger Strasse 375 
46049 Oberhausen 
Tel.: (49 208)833 4331 
Fax: (49 208)833 2519 

Mannesmann Demag Hiitten- 
tech nik 

Wolfgang-Reuter-Plnlz 


47015 Duisburg 
Tel.: (49 203) 605 1 
Fax: (49 203) 605 2577 

RTL Television 
Aachener Strasse 1 036 
50858 Cologne 
Tel.: (49 221)4564000 
Fax: (49 221 j 456 4290 

SFG mbH (Struktur- 

fbrderungsgeseUschaft) 

Ellerstrasse 58 

531 19 Bonn 

Tel.: (49 228) 985 031 1 

Fax:(49 228)985 03 33 

Wirtschaftsforderang Munster 

Hafenslrasse 30 

48127 Munster. Tel.: (49 251 ) 

492 2800. Fax: (49 25 1) 492 7738 



JyjjJ 



Page 21 



PUBLIC ENTERPRISES REFORM AND 
DIVESTITURE SECRETARIAT 

VACANCY FOR FINANCIAL ADVISOR, ENTERPRISE DEVELOPMENT PROJECT 




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1. rt«* erf Work 
Z pnrfect 

P”**" ^ P" wic 

3 , STotWo* Briu ti o wh ipt 

Ad^.’EmenxIsG Development Proleer (FA/EDP) will report to 3"d 

■ owdlnaw cm aB BnancbJ issues to ensue the rffeolve nanagemem 

Pro** IPS’! and EDPastrellon 
XK^aliprop ^Is/p' tyammes tor consideration prepwed/presented 
g Em gtprtees S ecre tariat ( Pg). t he Mwestiture Secretariat |D5). the 
trial Enterprises Secretariat [PfESi. the Ftofea Restniaurme Unit rpftU) 
PEMPP - In this reea^heSlIiSarit diteohr 
^:^3?2L2!a B 2 fla t^£!5. aBd a “ rtTQl ‘rfwlaitce* and the Dfaedu. 
1 *r Genefa * ManagfrtfqperaDons and Project Restmcturinc Uidf of 

'"P a iilSEff «2LC!? . 3 n d Programmes of the EDPand Ha 

* #*”* yfl he asstaed^ the Chief of Accounts of EDP 
2P d ^!?fSf5f.5i? «P*wlse hbwoik m all aecoumlne mattets. 

Tha FA/EDP vUi, without fear or favour, be required to report to the Deputy 
Se&cury of the Treasury, Ffnance 6 Administration, in Ministry of Finance G 

tg 

. ^e^^S^ediveof the fob b to help to ensure chat PEP and EDP 6 nances are 
'ESS™ SSd tocontonnhy «dth agreed priorities and procedures of 

Qfflg fo, 3 , ?” j” *" 1 ,{? ar y te, , as P* as , $ Proposalsforogrammes from PERD are 
savin ana correct. Speaocany. the tob objectives are- 
al Wf®dw advfce and help In initiating and maintaining efficient and effective 
Modal tnanagement pcAdes. systems and procedures wtthln EDP. 

* I8 * P *" ensurin * that al * pririea finances are properly managed and 

el ' Toj&rig an d h e » In ensuring that financial aspects of PEP/EDP programmes and 
coirpft 

d} T^^Wrew^be^^ra^rnao^emem of the Dhresriture Aecount the Redundancy 
S ftj^send Resporafljtttles 

ij^^iwai! responsIWIItv Is to advise the Coordinator. PERDS and various 
V-Kmmgnents of the Project on all financial matters; 

J?”* 5 * ^ Coordinator in the proper management and canlrol o! funds 
Jjgbe PEIVEDP and Its components to ensure stria adherence to the procurement. 
43§rakui and aeawma&lBty poUdes and procedures laid down by GOUf IDA. 
W.»B¥ l,er ■*£? lo ***• “o* of the Project Management Unit as It relates to 
j rfyne ment, dfsoursement accounting and to help to provide effective control of 

d TdScWse on ptrfkies, procedures and systems to help to ensure efficient financial 
mana gem e nt and budgetary control of the PEWEDP. 
dl TP adrfse the Project Management Unit on preparation of proieaed cash flows, 
bodeets. balance sheets and other flnandrf repons tor the PEP and EDP projects 
and help ensure that these reports are prepared reliably, comprehensively and on 
tfroe 

d 70 provide advisory support In helping to ensure that all books of account are 
prepared and audited In time and advise on corrective action as well as future 
prevention of any accounting and procurement, financial management mistakes, 
errors or short-comings which might have oocured. 

0 To render advise on the prompt settlement of debts owing to the project and to 
adytge on areas where the project can invest profitably any funds not immediately 
required IncfudJitt short-term funds placed in the Divestiture and Redundancy 

-AfHWRtt. 

■} Tb cany out on-the-job training tor project staff in accounting, financial management 
anbawysK and reporting 

hi To advise on financial conditions of PEs under EDP Including reviewing of their 
assets and liabilities, valuatfon/revaloation reports. Investors. Inventories, debts, etc 
1) Ho adMse on appropriate financial restructuring options that can be applied to PEs. 


‘*»malii»n 1 p| ca J 

' * * •• '-i-T; ^ 

. a 


ZTJf SENIOR PROGRAM OFFICER 1 

i .. - ;» t 

j Wofld-TWWlffe Fund (WWF), the largest private U.S. organization 

- woricing worldwide to conserve nature, seels a Senior Program 
Officer to develop and coordinate the Social - Science and 

v ,\]l Economics (SSE) Program's applied social science activities and 
the l&ikage of poverty and the environmenL 

“■• h cotebofattan with the Director and other SSE staff will help refine 
; ^i and test the SSE program's goal, objectives, and underlying 

- “-j hypoSiBses in linking sustainable rwal livelihoods and gains in ! 
"'--i conseiv^on. WII extend technical assistance to projects which 
T '- ; [ may- include project design and implementation, inparting 

participatory rural and appraisal techniques, community-based 
dedsfon-rraking, rights/access to natural resources, income . 

1 j generation, and population and gender issues. 

j R edyes a Master's degree ki international development, sociology, 

~ ! mtfffopoiogy, or related field and a minimum of 8-10 years country 
vr | field:«(perienc8 in which the individual has developed essential 
*7 : t techioal profidancy in development and natural resource 
^management Requires fluency in En$ish and Spanish, with 
. - j i fluency in French desired. Diplomacy and the desire to work with 
nationals from developing countries, as wefl as private and 
| . flovemment fundraising sources, Is essential. 

: • - j * CLOSING DATE NOVEMBER 18, 1994 1 

.! Con^efilive salary and benefits appropriate to U.S. nonprofit sector. 


Send cover letter and resume to: 
WoifrWMffe Fund 
Human Resources, Dept 416-iHT 
>125$2Mh Street, NW 
Washington, DC 20037 


• « 





ADMINISTRATIVE SECRETARIAL POSITIONS 


HwircUnci cur commitments: r. perfect sense of series wifi) tne 
r.smnir-ts dedication of cwptfr.?onne/... , .v»Ift so many taisnts it s not 
surprising Hint FEDEX is the leading express transportation 
cm; wily -n the world (98 COO employees with 53G in France - 
mere than 2 million packaging shipped daiiyi 

Personal Assistant 


for Fedex Logistics Sen/ice Vice-President 

Acting as the 'cop/fof* of the European Vice-President FLS (Fedex 
Logistics Service) you wrB handle aft aspects of his activity: organizing his 
business trips, managing his calls, typing and editing his 
correspondence, translations. EngSsh/French and vice versa. Head's up 
attfade and broad shoulders am required for Bus position which knolves 
‘day in-day out Imponderable situations treated with flexibiTity and 


An extensive experience of 5 years and an education Bac + 2 (Business 
Secretary or equivalent) - state on the tips of your ringers: shorthand 
(FrencritmSs/i), mrd processing (Word 5) and spreadsheet (Excel 4). 
You have moreover the presence and the bearing which demand high 
levd contacts . Am you ready to (ace this challenge ? 


Please, send your application to 
Federal Express - hbcfiw GUYONY-WSOP - 
125 avenue Louis -Roche - 92238 
G&miimCedex 


eojenry- 


life mnn m Cargo a Itade 

.FEDERAL EXPRESS, LE PLUS RAPIDE VERS L'AIIERIQUE. 


SECRETAIRE DE DIRECTION 

BILINGUE ANGLAIS NEUILLY-SUR-SEINE 
pour le President d'un cabinet de conseil 
international : 35 ans environ, BTS Secretariat 
de Direction, stdno anglais et fran^ais, 
parfaitement biiingue anglais, capacites 
redaction n el les dans les deux langues (suivi 
des relations & I ’international). 

Adresser lettre manuscrite, C.V., photo 
et pretentions a Box D434, IHT 
92521 Neuilly Cedex s France 


viz reopitafistton, debt concesrfonlreBeis. Uqiddation of areas, and ro ovecsee the 
proper cBsbmsofMM utilisation and afeoun lability of the Restructuring Fund. 

I) To Bdvfce.'asslsi In determining financial returns and other material economic 
benefizsofany propcsa I s frrograromcs of PEs under EDP. 
kl To provide expen flnandal advice during the process ol development of divestiture 
plans, restructuring plans as well as any other plans and reports concerning any 
aspeasofppyEpp. 

H To provide financial advice to the MoFEP on all matters pertaining to die EDP funds 
In order to help ro ensure compliance with GOUADA poGdes and procedures. 
m| To advise the Coordinator on the utflKarioa and management o( balances In the 
Divesriwre Account, (he Redundancy Account and Restructuring Fund, 
ni To advise on all other financial aspects of PEPCDP components as wfll be required 
from rime to time by the Coordinator 

6. DUTIES AMD RESPONSIBILITIES RELATING TO THE RESTRUCTURING 
FUND IN UDB. 

The overall responsibSIty Is to ensure that the Restructuring Funds Is used wisely and 
effectively To this end, he will advise the General Manager/Operations and the 
Project Resomsring Unit on tire following maneis 


Inter aUa. this system will Involve a study of the foUowtng aspects of the public 

enterprise vAkh is applying the Restructuring FUnd; 

fil Background 

(III Product and marketing 

ifflj Location 

(fvj Rant and equipment 

M Labour 

Ml Management and organisation 

(trDj Financial structure Bid financing needs 

Mfli In connection with all the above, scrutinizing the public enterprise's corporate 
restructuring plan, and proposing and agreeing on modifications, as necessary with 
the management of the public enterprise concerned. In evaluating financial 
protections and to recasts; the Flnandal Advisor wfU Indude dZsoMintea cash fiow 
techniques among his methods of calculation, 
bi Framing officers of the Uganda Development Bank In appraisal tedmfques and 
guiding Bid supervising ihetn In their work. 

Cl Checking reports (on loan applications) to the Project Restructuring Unit and making 
recommendations regarding a public enterprise's application for funding. 
Reoonmeiidarioiis wifi mdude salvage techniques, sudr aa: 
flj Initial financial controls. 

till management and organisational changes. 

(ill) cost reductions 
(hrt revenue generation 

M dfcposaJ or actpdsirion of assets, or their revaluation, 
d) Designing and naintainlnga separate account for (he Restructuring Fund. 
e| Monitoring the p rogress of public enterprises which have benefited from financing 
from the Restructuring Fund. 

7. QUALIFICATIONS 

aj The candidate must be Chartered or Certified Accountant, with a graduate degree 
In Finance I preferably I or MS or equivalent 

bl The candidate must demonstrate that hefghe Is thoroughly familiar with computer 
systems In accounting, financial planning and management and budgetary control 
cl The candidate must have ai least 10 years' working experience In the financial 
departmenils) of public or private enterprises. Including at least three years' 
experience as Chief Accountant, or Director of Finance or appropriate experience in 
term-finance In banking 

dl Famfflartty with IDA'S procurement, disbursement and financial reporting procedures 
Mxrid be a definite advantage. 

e| The candidate must demonstrate interest and ability In training and technology 
transfer. 

Ouafified candidates should send In their appflotlons. curriculum vitae and names 
of three references including the latest organisation where the applicant has worked, 
Kfc- 

Coordlnator, Public Enterprise Reform & Divestiture secretariat. 

MKstjy of Finances E c onomic Planning 
P O. Box 1 004-1, Fax; 259997 Kampala. 

* To reach him by 1 4th November, 1994. Lobbying by any qualified candidate will be 
superfluous ana for unqualified candidates, they should neither lobby nor apply. * 


THE FIFTH ANNUAL EMDS CONFERENCE ON 

INTERNATIONAL HUMAN RESOURCES MANAGEMENT 

23/24 JANUARY 1W5 • Sheraton Brussels Hotel 

CENTRAL AND EASTERN EUROPE 
THE HUMAN CHALLENGE 

The International platform for the exchange of information relating to the experiences of wustem companies pre- 
sent in Central and Eastern Europe and the exploration of future trends in the field of huraun resources. 


Ejjrfflw a 2 r« : luit^ul RnTmtnhfli 
■ Jiknn-. 1 irlouvUh 


Speakers include: 

IL1ASS ALIEV 
WILUAM ARCHER 
flENRIK BLNOIXEN 
MARY C. BOSS 
CHRISTINE CERNY 
WILLIAM CRISP 
BRIAN DCNN10N 
ALBERT 1 LINKERS 
JOHN MARKER 
DAVID V JOHN 


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The Conference trill commence on Monday 23 Juruuiry ut IS. 00 and trill close on Tuesday 24 Jarman* at 10.30. 


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Page 22 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 27, 1994 


SPORTS 


Cone Edges Friend Key 
For AL Cy Young Award 


tiTSXSp 

H&T' 

'" X; 


By Claire Smith 

New York Tima Service 

NEW YORK - The battle 
for the Cy Young Award in the 
National League ended in a 
walkover for the unanimous 
choice, Greg Maddux. But it 
was a different story in the 
American League, where David 
Cone and Jimmy Key — fire 
and ice, power and finesse — 
waged a classic duel that result- 
ed m one of the closest races in 
league history. 

Cone, the Kansas City 


that allots 5 points for first- 
place votes, 3 for second and 1 
for third. 


Key, whose 17-4 record made 
him the top winner in the ma- 
jors this strike-shortened sea- 
son, received 10 first-place 
votes, 14 second-place votes 
and 4 third-place votes, for 96 
points. 


Cone said, “If s going to be a 
nice year, now, to be able to cap 
off what I thought was a signifi- 
cant season. 


Royals' right-hander, edged 
Key, the New York Yankees’ 


Key, the New York Yankees’ 
left-hander, by 12 points, the 
fifth .smallest margin since the 
Baseball Writers Association of 
America started the award in 
1936. 

“I thought either one of us 
would have made a deserving 
winner,” Cone said upon learn- 
ing of his victory Tuesday eve- 
ning. “Both of us could' have 
easily won. I hope I get a chance 
to tell him exactly that. I'm a 
big fan of Jimmy Key’s, that's 
for sure.” 

Cone, who was 16-5 this sea- 
son after going 11-14 in 1993, 
won his Dm Cy Young by vir- 
tue of the 15 first-place votes, 
10 second-place votes and 3 
third-place votes he received in 
the balloting by 28 writers, two 
from each of the 14 American 
League cities. That tally gave 
him 108 points in the system 


The marg in was the narrow- 
est since 1980, when Steve 
Stone of the Baltimore Orioles 
defeated Mike Norris of the 
Oakland Athletics, 100-91. 


The closest race in league his- 
tory was the tie between the 
Denny McLain of the Detroit 
Tigers and Mike Cuellar of the 
Orioles in 1969. 


Cone's victory stirred varying 
emotions in the pitcher. He ex- 
pressed sorrow that Ewing 
Kaufman, the Royals' owner 
who brought Cone back to his 
first or ganiza tion and native 
Kansas City as a free agent in 
1993, did not live to see turn win 
the award. 


Cone also expressed sadness 
about the fact that he spent 
Tuesday getting an award rath- 
er than possibly pitching in 
Game 3 ot the World Series, an 
event lost because of a players' 
strike that began Aug. 12. 


“It’s unfortunate that the 
season couldn't have been com- 
pleted,” he said- “When you 
look at the award, you can't 
help but think about all of the 
despair of 1994.” 

Cone and Key became 
friends as well as teammates 
when Cone was traded from the 
New York Mets to Toronto in 
August 1 992. Two months later. 
Key got the World Series- 
clinchtng victory in relief in a 
game that Cone had started for 
the Blue Jays. 

Cone posted a 2.94 earned 
run average, impressive in a 
league where offensive statistics 
soared and many pitchers wilt- 
ed. He completed four games, 
with three shutouts, in 23 starts. 
Cone, 31, always impressive in 
the power departments, struck 
out 132 batters in 171% innings. 
He walked only 54. Opponents 
batted an anemic 209. 



Can Tyson Get It Together Again 


added a promos 

isn’t the same fighter, biggest mon . . Kevi 


A 


David Cone: By 12 points. 


Cone won nine rimes after a 
Royals loss. Key. no slouch 
himself, was 6-2 after Yankee 
losses. 


Still, with the postseason 
award and a pending wedding. 


Eleven of Key’s victories 
came consecutively, from April 
to June, his best run in the ma- 
jors and the longest streak this 
year by a major league pitcher. 


“I’m not disappointed,” be 
said about finishin g second in 
the voting. “I don't put that 
much value in this sort of 
thing.” 

Key is the first Yankee pitch- 
er to finish as high as second in 
the voting since J 985, when 
Ron Guidry was runner-up to 
Bret Saberhagen. the only other 
Royals pitcher to win a Cy 
Young Award. 

Cone and Key left little room 
for the competition. Only Ran- 
dy Johnson of the Seattle Mari- 
ners (two) and Mike Mussina of 
the Baltimore Orioles (one i also 
received first-place votes. 

Cone's previous best in vot- 
ing came in 1988 while with the 
Mets, when he was 20-3 and 
finished third. 


By William Gildea 

Washington Service 

WASHINGTON — In May, Mike Ty- 
son will be eligible for parole from the 
Indiana Youth Center, where he is serving 
a six-year sentence for rape. He has an- 
nounced plans to return to boxing. 

But Tyson will have been away from the 
ring even longer than Muhammad Ali, 
who missed 3 and a half years (March 1967' 
to October 1970) when he was barred from 
the sport for refusing induction into the 
military. And as great as Ali was, his for- 
mer trainer, Angelo Dundee, said recently, 
“We lost the best years of .Ali. He was 
ready to be dynamite. He had it all togeth- 
er at the time of the Zora Folley fight” in 
1967. 

Although Ali's most famous fights oc- 
curred after the interruption, most experts 
concur that Ali was not as good a fighter 
then. The time off hurt his speed in the 
ring. By May. Tyson will not have fought 
in 3 years 11 months, raising the most- 
asked' question in boxing: How good will 
he be when he resumes his career? 


ble as he once was. 
Bob Arum. “Ali wash 




after a layoff like this; it hurts your reuex- 
es. If Michael Jordan doesn't play basket- 
ball for three years, do you think that, as 
great as he was, he could be as good as 
ever? I don't think so." 

There are two Tysons, actually, to look 
back on: the one who reached his peak, at 


JJE G r Tyson if Ty*>" dedicated himself to 
hard work and honing his skills, 
ers frequently 

are Panama Lewis and Emanuel Mewara. 
Another veteran trainer. Geora *»«», 
could be taking up work 


back on: the one who reached ms peaic, ai cuuiu ^ Worid Boxing 

age 2 1 , with a knockout of Michael Spinks Lewis, who > stopped by the 
591 seconds in June 1988, his 35th victory Council tiHe when hews in a 

As. t«c fni'iicerl. ess Don King-promoted uuver “ 


35 fights; and the less focused, less Don King-promoted 

‘kninolli; cAi 1 nH nn«!.Snmks fiphtCT who blR Up«L 


Douglas and fought two hard-hitting but son, thus reaping th e r Lewis 

unimpressive fight? with Razor Ruddock, could only dream LcWU. f 

“He started to decline rather diaman- Intending to keep wntmltf at 
cally in my estimation,” Newman said, the three principal heavyweight belts. King 


One thing is certain: the curiosity about 
the man who once seemed certain to rank 
among the best fighters of all time will 
makenis first major bouts financial block- 
busters; experts predict payouts of S25 
milli on to SlClO million. 


One thing is certain. His first major bouts will be financial 
blockbusters. Experts predict payouts of $25 million to 
$100 million. 


“Tyson at his best was a well-oiled ma- 
chine.” said Rock Newman. Riddick 


Bowe's man ager, who dreams of a Tyson - 
Bowe battle. “He bad superb hand speed, 
incredible quickness and great reflexes. He 
wasn’t an incredibly powerful puncher. He 
bad incredibly quick hands that enabled 
him to hit people so fast they didn't see the 
punches coming. He had lost some of that 
quickness before he went in. I would think 
the yean would have eroded that substan- 
tially more.” 

“I don’t believe he’ll ever be as formida- 


NHL Players Seek Friendly Ice, 
Find It in Russia and Canada 


By Murray Chass 

1 New York Times Service 

‘ . NEW YORK — The owners 
\ * let them play on their ice, 
\ ational Hockey League 
will take their sticks and 
and play on somebody 
ce. 

NHL Players Associa- 
plans to* announce 
Jnesday or Thursday a two- 
jht all-star event for charity 
m Hamilton, Ontario, on Nov. 
10 and Nov. 12, featuring such 
players as Wayne Gretzky, 
Mark Messier and Brett HulL 
The union would like the ros- 
ter to include Sergei Federov, 
the league’s most valuable play- 
er last season, but Federov 
plans to be in Russia with other 
NHL players from that country 
making tour of places like Mos- 
cow and Sl Petersburg playing 
against Russian teams. 

The 5 -game, 10-day Russian 
series is scheduled to begin in 
Moscow on Nov. 4. A league 
person familiar with the tour 
said it was being sponsored by- 
four Russian banks and was or- 
ganized by Vyacheslav Fetisov, 
the former player For the New 
Jersey Devils, and Gelani Tov- 
bulatov. president of the Mos- 
cow Sparta Gub. 

Some of the NHL's best play- 



ers are scheduled to play, most 
notably Federov of Detroit and 
Pavel Bure of Vancouver. 

The roster also includes Alex- 
ander Mogilny of Buffalo, Vla- 
dimir Malakh ov of the New 
York Islanders, Vi tali Prok- 
horov of Sl Louis, Igor Lar- 
ionov and Sergei Makarov of 
San Jose and Nikolai Bors- 
chevsky of Toronto, who al- 
ready is in Russia playing for a 
Russian team. 

Larionov and Makarov will 
be reunited with Vladimir Kru- 
tov, who plays in Sweden. In 
the 1980s, the trio formed the 
top line on the Soviet team. 

Bure is to make a one-time 
guest appearance for Landshut 
of the German Ice Hockey 
League on Friday, in a game 
against Berlin. Bure's appear- 
ance for Landshut has been 
made possible by a local spon- 
sor. 

With negotiations between 
the league and the union going 
nowhere and no start to the 
delayed season in sight, players 
are seeking games of one kind 
or another with increasing in- 
terest If the bargaining stale- 
mate persists, the union expects 
to organize more games like 
those scheduled for Copps Coli- 
seum in Hamilton. 


The games will be televised 
nationally, at least in Canada, 
and all proceeds of the games 
will go to charity, said . The 
players, he added, will not be 
paid. 

“As the lockout continues,” 
Saskin said, “we have a lot of 
talented members who are de- 
sirous of playing hockey. The 
understanding with all con- 
cerned parties is if we’re fortu- 
nate enough to play NHL hock- 
ey, this event will be put aside.” 

On the other band, if the 
lockout lingers. Saskin said, 
“other games would be consid- 
ered because we've had a num- 
ber of people come to us with 
ideas.” 

• The Elite League Associa- 
tion, representing Swedish 
clubs, reiterated Wednesday 
that it would not allow Iocked- 
out NHL players to compete 
with in domestic dubs. 

The association first took 
that stand last Saturday. A new 
meeting was called following 
protests by Swedish fans and 
reports that some dubs were 
rebelling against the ban. 

“The association stands firm 
on its majority decision against 
allowing professionals to play,” 
national news agency TT re- 
ported. (AP) 


X\f 








4 


“He lost a lot of his quickness. He bad lost 
some of his reflexes. He started to get hit 
much more frequently. The Tyson who 
went to prison was 70 percent of Tyson at 
his best.” 

Ali began his hiatus when he was 25, the 
same age as Tyson when he went to prison. 
On Ali's return, it didn’t take people long 
to realize he was not the same figh ter. Even 
though his three meetings with Joe Frazier 
and other memorable bouts were vet to 
come, the loss of speed was apparent in 
Ali’s comeback bout against Jerry Quarry. 

“In defeating Quarry, Ah had been 
physically strong, perhaps stronger than in 
the past. But he'd also been slower, and 
that was an ominous portent,” writes 
Thomas Hauser in “Muhammad .Ali: His 
Life and Times/’ Hauser quotes Jim Ja- 
cobs. who would later co-raanage Tyson, 
on Ali's exile: “In terms of his skills, i t was 
a tragedy." 

The perception of Ali had changed 
greatly by the time he returned. By then his 
outspokenness against the Vietnam War 
was accepted, his banishment from boxing 
was seen as unjust and his popularity in 
general had soared. He had become a hero, 
bigger than the sport. 

Tyson is no such legend. But there is 
similar interest in how he will fare in the 
ring. And just like Ali, Tyson stands to 
make more money after h is absence. Ac- 
cording to Arum, "a tuneup could be a S25 
million fight. A major fight — such as 
Tyson against George Foreman, if Fore- 
man should happen to upset champion 
Michael Moorer next month, or Tyson 
against Bowe — could be a 5100 million 
fight. Arum said of Foreman: “When he 


will see to it that McCall defends against 
no one but a King fighter until Tyson is 
ready. As King said recently: “We have a 
title for Tyson to fight for.” 

Tyson is co-managed by Roty Holloway 
and John Home, who visit and phone the 
fighter regularly, according to a King 
spokesman, Mike Mariey. Tyson reported- 
ly is in as good physical shape as be can be; 
Mariey said recently that Tyson works out 
regularly and weighs about 216 pounds, 
just about his best fighting weight. 

“He is in excellent condition,” said Phil 
SJavens, the assistant superintendent of 
operations for the Indiana Youth Center. 
“He runs. He lifts a little biL He does sit- 
ups. He’s in much better shape than when 
he got here. He was alittie chubby when he 
got here.” Tyson appeared to be about 250 
at the time of hfc sentencing in March 
1992. But his weight has been down for 
some time; Newman said Tyson was a 
“trim” 217 when he and Bowe visited the 
prison in September 1993. 


Good shape, though, is not the same as 
fighting shape, and, according to Mariey, 
Tyson said recently that he could use 
“three or four months in the gym” to get in 
top fighting shape. In the Hauser book, it 
was pointed out that Ali's hands “got soft” 
during his layoff. 

Tyson will have to wait until spring for 
the gym work, barring a development that 
would secure turn an early release or one 
that would keep him longer. Slavens said 
that Tyson has not passed the General 
Education Development exam, the high 
school equivalency certificate that could 


goes to bed at night and he thinks sweet take three months off the time he is sup- 

thoughts. 1 can’t believe he doesn't think of posed, to serve. . . 

thc^'beating Moorer and Tysom “His first fight is going to be watched 

X^Ncw-nan said. 




Kx y." . ■*»*•*■ f ~ 




Ltt&M McLendon The Anocuml Prai 

Ottawa center Alexei Yashin, die first NHL player to sign with a 
minor league team, got a workout in his debut for Las Vegas in an 
Internationa] Hockey League game. He also got two assists; the 
Russian star had 30 goals and 49 assists for the Senators last season. 


speed, an important part of his boxing 
repertoire. Tyson in theory could recap- 
ture his hand speed, or close to iL But the 
consensus of opinion is that it would take 
the exceptional dedication he demonstrat- 
ed early in his career, and the people who 
kept him in the gym working, particularly 
the late Jacobs, no longer manage Tyson. 

“Tyson’s not a technician, like Ali — no 
jab. jab, right cross, book,” said Dundee. 
“But he’s a heck of a fighter. He’s a short 
guy who’s had to fight big guys. That's the 
remarkable thing about Tyson.” 

Tyson, of course, hadn't yet mastered 
big opponents. He beat several but Doug- 
las knocked him ouL When last seen. Ty- 


“There’s a dilemma in iL Does he fight 
somebody easy? Or does he make a wind- 
fall right away? Because from a marketing 
point of view, the excitement and the mys- 
tery is going to be gone quickly if he 
doesn’t look good.'’ 


son was being tied up consistently by big 
Ruddock in their second match, in which 
Ruddock managed to go the 12-round dis- 
tance while losing. Bowe’s size is just one 


For 

investment 

information 

Read 

the MONEY REPORT 
every Saturday 
in the IHT 


DENNIS THE MENACE 


PEANUTS 


CALVIN AND HOBBES 


SOMETIMES I LIE AWAKE AT NIGHT. 
ANP JUST STARE INTO THE DARKNESS 


THEN A VOICE COMES TO ME THAT SAYS, 

* STOP 5TARIN6.. YOU'RE MAKING US NERVOUS" 


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INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 27, 1994 


Page 23 



SPORTS 




Mercedes Deal 


4?® With McLaren 

■■ > Schumacher May Drive 

Ita*!'' EL. rn C/uh>av> 


^ or Team in 96 Season 

\\ | — Reuters 

■ if $ £ BONN —Mercedes has agreed to a five- 

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year deal to supply engines to a Formula 
One car run by McLaren, which, if success- 
ful, should have current world champion- 
ship leader Michael Schumacher behind 
the wheel by 1996. 

Sources dose to the two parties con- 
finned Wednesday that the German car 

;: n! t / i.T^l* maker and the British-based team would 
‘ !:r X announce the details of the contract, which 
fryns next season, in Stuttgart on Friday. 

Schumacher’s manager, WQli Weber, 
described the Mercedes-McLaren linkup 
as a “Dnara Team” the German driver 
would regard as his top choice for the 1 996 
season. 

v Schumacher will continue to race Cor 
'■^BenettoD in 1995, but is free to change 
thereafter- 

“At the moment we are obviously con- 
centra ting our efforts on the present world 
ch am p ionships and the possibility of de- 
fending ow title next year," Weber said. 

But, he added, "from 1996 we would 
regard Mercedes-McLaren as our No. 1 
partner. 

“It would be a ‘Dream Team.’ We will 


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Europe, South America 
In Line for 2 More Spots 


OVERS AND OUTS — Cricket fans broke down the barricades before the start of a one-day match between 
Australia and Pakistan on Wednesday in Gujranwala, Pakistan. Hundreds were trampled underfoot and 
more than 20 people reportedly were injured. The match was later abandoned because of a rain-affected 
pitch, but the two teams agreed to play an exhibition match of 15 overs each to prevent further disturbances. 


The Asstxicaed Press 

N EW YORK — Europe and 
South America each will get 
two additional berths for the 
1998 World Cup under two pro- 
posals that will be submitted by 
the six regional conf ederation 
presidents to the FIFA Execu- 
tive Committee. CONCA- 
CAFs president. Jack Warner, 
said Wednesday. 

Warner’s comments came af- 
ter a two-hour and 15-minute 
meeting of the six confedera- 
tion presidents. 

Fir A is trying to decide how 
to allocate eight additional 
berths in the World Cup. This 
year’s World Cup had 24 teams 
competing, but the field will be 
expanded to 32 countries for 
the 1998 World Cup in France. 

Of the 32 berths, Europe will 
get IS (including host France), 
South America five (including 
defending champioo Brazil), 
Africa five, CONCACAF three 
and Asia three, with the final 
spot to be determined in a play- 
off between an Asian team and 
one from Oceania. Warner said. 

A variation, Warner said. 


would give Africa four teams, 
with the lost berth decided in a 
playoff between Africa and 
CONCACAF. 

Earlier, FIFA’s secretary 
general, Sepp Blatter, said only 
that two proposals had been 
agreed upon. He would not 
specify further. 

The' 21 -man Executive Com- 
mittee will meet Thursday to 
determine the allocation of 
berths. 

"One of those two will be 
decided tomorrow,” Blatter 
said as he hurried out of the 
meeting room of the confedera- 
tion presidents. 

“I cannot comment today.” 
Blatter said when asked about 
the region-by-region break- 
down or the allocation of 
berths. 

On Tuesday, Blatter had said 
that a general feeling was that 
each of the non-European con- 
federations (Africa, Asia, 
CONCACAF, Oceania and 
South America) would get at 
least one new berth, while Eu- 
rope would be guaranteed two. 

That left two berths to be 




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it potential. McLaren has been one of 
the top teams for the lasL 10 years." 

■ Sc humac her has an emotional link to the 
'Stuttgart company, which gave him his 
first major contract as a junior racer in 
1989. 

■— j -tt:e chubh ffe." •• “He has never really broken off his con- 
\ r ;*iV”ired loheahje: 'tacts with Mercedes and both sides have 
‘ . . ' ' a jl 'looked after the relationship," Weber said. 

' Sa &*.i “Both he and I have said this. There has 
. ^!«i Tyson w always been a wish to work with Mer- 

Iv - "' -cedes.” 

* ' • Mercedes officials refused Wednesday 

to confirm that everything was signed and 
sealed with McLaren before they hold a 
news conference on Friday. Thor agree- 
ment with the British team, however, is 
also believed to involve a commitment to 
the U.S. Indy car series. 


U.S. League’s Debut Likely to Be Delayed a Year, Rothenberg Admits 


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By Grahame L. Jones 

Los Angeles Times Service 

NEW YORK — Major League 
Soccer, the proposed first-division 
U.S. league that was supposed to 
begin operations in April, probably 
will be put on hold for a year. 

The possibility that the league's 
debut might be postponed had been 
voiced in the past, but took on add- 
ed significance Tuesday when Alan 
Rothenberg himself admitted that a 
delay was being considered. 

That the U.S. Soccer Federation's 
president, who earned $7 million as 
chairman and chief executive officer 
of World Cup '94, would make such 


a statement at a lime when FIFA 
leaders are in town, suggested MLS 
will not get off the ground April 15 
as promised. 

"Obviously, the later in the game 
it gets, the more you have to analyze 
whether to start in 1995 or 1996." 
Rothenberg said, adding that there 
is a possibility the league kickoff 
will be delayed. 

"I hope to be able to make an 
announcement within the next 10 
days or two weeks," he said. 

According to the MLS business 
plan provided to prospective inves- 
tors, the anticipated 12 teams al- 
ready should have been announced. 


should have signed stadium con- 
tracts and should have been actively 
seeking coaches, players and fans. 

Instead, no official announce- 
ment has been made since June IS, 
when charter franchises were 
awarded to Los Angeles, Boston, 
New York, New Jersey, San Jose, 
Washington, D.C.. and Columbus, 
Ohio. At the lime. Rothenberg said 
five more would be awarded by Sep- 
tember or thereabouts. 

But although it has several large 
investors and a television contract, 
the proposed league has not been 
able to generate enough financial 
investment to allow it to name any 


more franchises. It is believed to 
have scaled back from 12 teams to 
10 and to be working to complete 
stadium contracts in those 10 dries. 

Rothenberg would not discuss 
MLS financial affairs, saying only 
that legal documents were being cir- 
culated for signature and that an 
announcement would be forthcom- 
ing. 

“The argument for going ahead in 
April is momentum." Rothenberg 
said. “We’ve just had a great World 
Cup, let’s not miss a beat." The 
argument for postponing, he said, is 
"does haste make waste?” 


If MLS does delay until 1996, it 
would mean trying to generate in- 
terest in a new venture during an 
Olympic year, when the public's 
sporting attention will be firmly fo- 
cused on the Atlanta Games. 

That could be either a hindrance 
or a help. 

Both men’s and women's soccer 
will be a medal sport in 1 996 and the 
U.S. teams will be receiving more 
attention than usual, so that could 
help MLS. But it is just as likely the 
league would have to go into hiatus 
during the Games or risk vanishing 
from sight altogether. 


decided. Europe received 13 
berths (including the defending 
champion Germany) of the 24 
in the last World Cup, while 
South America had three, Afri- 
ca three, Asia iwo and CON- 
CACAF two (including the host 
United Slates). The remaining 
berth was determined in a play- 
off between Oceania, CONCA- 
CAF and South America. 

Africa, Europe. Asia and 
South America are all seeking 
extra berths beyond their guar- 
antees. 

Some have questioned going 
South America, a confederation 
of only 10 nations, five berths, 
while Europe, which had seven 
of the eight quarterfinalists at 

the 1994 World Cup, would 
only get 15. 

Africa has the most members 
in FIFA (51). followed by Eu- 
rope (49). Asia (42). CONCA- 
CAF (29). South America and 
Oceania (10). 

"We defended our position," 
the South American confedera- 
tion's president, Nicolas Leoz, 
said, referring to CONME- 
BOL’s proposal of four guaran- 
teed berths plus defending 
champion Brazil. “But Africa 
wants to give South American 
three and one, which is a posi- 
tion we absolutely do not 
share." 

Leoz said South America has 
the support of Europe and FI- 
FA’s president, Jo4o Have- 
lange, a Brazilian. 

Europe has Ihe most votes on 
FIFA’s executive committee, 
eight, while Africa. Asia. CON- 
CACAF and South America 
have three each. The remaining 
vote is that of Havelange. 

The eight new World Cup 
berths was a campaign promise 
by Havelange, who was elected 
to a sixth term as FIFA presi- 
dent in June. 


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SIDELINES 


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information 

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• * SAME 4 

'YOMtert a a Nl HO— S 1« B 

.Uto IN m n 001—4 » a 

03 tarings) 

Soft*. HnsMmota (8). Kldo (10) and Mur- 
.ala; Kuo idHraon. Stuozaki (31, Hashlmto 
,(5),Shtakr) ffl. Suotvama (VI, I stall (V) and 
M*. W-ljML VX h-KUa. M. HR*— Yo- 
mfcirl, MaM (11. Oftkufco (II. Sol bo. Kiyo- 
*or« 12). .. 

ALCy Young Award WInneia 

BM— BA Turtcv, New York 
IMt Cull* Wynn. Chicago 
H*1— Wftkov Font New York 
IBM - D oan Chance. Los Anodes 
.HB-JJm umbora, Boston 
WH Owwy McUrta DetroH 
U»— (tie) Mike Cuellar, Baltimore, and Den- 
ny McLain, Detroit 
OTB— Jtal Perry, Mkinesoto 
1WI— Vida Blue, Oakland 
WS- C aylord Pwnry. Owitand 
ITO-JIm Pakiier, Baltimore 
UH-Camjfc Hunter. Oakland 
•WS-dkn Palmar, Bottlmore 
'•to— Jkn Pnlnwr. Baltimore 
l* W aportty Lvle. New York 
Wi— Ron Guidry. Now York 
IRMMki PlonoBan. BoWmore 
IBM Stove Stone, Bottlmore 
•HI— Rente Fingers. Milwaukee 
•** (toll Vuckovlcfv Milwaukee 
1*1 uutarr Moyt, CMcoso 
if* MU Bo Hernandez. Detroit 
INS— Bret sabemasen. Kansas City 
Hit— Rooer Clemens. Boston 
1 *> Ro ost Clemens, Boston 


NBAPreaeason 

Tuesday's Games 
New York 111 Washington * 

Chicago W. Minnesota 104 
Dallas 09. Cleveland M 
Indiana W. Milwaukee ft 
Denver 13i Sacramento lie 
l_A_ Lakers IK Seattle 1U 

ii-L -■ 

ENGLISH LEAGUE CUP 
Third Round Results 
Liverpool 2, Stoke 1 
Mansfield a Mlltwall 2 
Queens Park Rangers X Manchester City A 
Sheffield united 1, Bolton 2 
Wimbledon X Crystal Palace l 


-J*e nuu kVIota. Minnesota 
-A * » Bret s 


Sdbertmoen, Kansas atv 
IMB-Bob Wetoh. Oakland 
•FW— Roger Clemens. Boston 
WW— Obnnta Eckerslev, Oakland 
HfS-Jacfc McOowelL Ctaknoo 
WH— David Cone. Kansas Cltv 
NOTE; Prom HSMH6 there was one setae- 
Hen from both leagues. 


WORLD CUP QUALIFIER 
Japan n. Motorola » 


THIRD INTERNATIONAL TEST 
Sri Lanka vs. Zimbabwe, First Day 
Wednesday. In Harare 
5rt Lanka 1st inn tags: 3«IH 

ONE DAY INTERNATIONAL 
west Indies vs. New Zealand 
Wednesday, m Goa 

West Indies Innings: 12) (all out. 39.1 overs) 
Now Zealand Innings: 2S-1 19 overs) 

Match abandoned due to storms. 

BASEBALL 
Amertcan Ltaeee 

TEXAS— Will no) renew the contracts of 
Mickey Hataier, 1st base coach; Jackie 
Moor*, duoout cooch; Dave Oliver, 3rd base 

coach; and Claude Osteen. phehJng coach. 
Announced that Perry Hill, defense coach and 
Wliae Upshaw, batting coach, wilt be reov 
Signed witWn the organization. 

National League 

CHICAGO — Annou n ced that Tony Muser 
and Billy WHUams, coaches, will be relolned 
lor the 1995 season, and that Jose Martinez, 
first base coach. Moo Drabowskv, pitching 
cooch, Eddie Lyons, malar league advance 
scout, end Morv Foley, but loon cooch. will not 
be offered contracts. 


MONTREAL— Announced that Rondv Mil- 
llaon, first baseman, relectoo an outright m- 
slgnement and eleded tree agency. Agreed to 
terms with Joe Kcrrtoan, Pitching cDoduan 2- 
yeor contract 

NEW YORK— Claimed Blit Spiers, inflew- 
er. off waivers from Mltwouke*. 

ST. LOUIS— WHl not renew the amt rads of 
Mm Coleman, pitching coach, and Bucky 
Deni, 3rd base ajgph. Named Bab Gibsoabull-. 
pen coathond assist an! monoger; Mark Rig- 
gins pitching coach; and Gavtcn Pitts 3rd 
base cooch. 

FOOTBALL 

Notional FootbaO League 

ARIZONAr-WotvedTodd Pet eridn. kicker. 

CHICAGO— Placed Tim Worley, running 
bock, on the reserve non-football inlory list. 
Stoned Kenny Shead. wide receiver, off Ihe 
Jets' practice roster. 

CINCINNATI— Signed Erik Wimeim end 
Todd Phiicojc, avarterbock*. 

green bay— S toned Roy Wilson. Botatv. 
Id practice sauodL 

KANSAS CITY— Re-stoned Allen DeGrat- 
tanreM, wide receiver, to practice sauad. 
Waived Anthony Daigle, running back. Irwn 
practice sauod. 

MIAMI— Signed Kevin Braih«n,ouar<l-cen- 
tor. oil practice sound of Pittsburgh. Placed 
Houston Hoover, guard, on Inlured reserve. 

N. Y. jets— waived Toineou Allpole, line- 
bock er. Re-stoned Allpale and Terrance Wlv 
don, guard, to practice sauod. Stoned Fred 
Lester, fullback, to practice squad. 

PITTSBURGH— Signed Kenny McEntyre. 
defensive back, to practice sauod. 

HOCKEY 

National Hockey League 

TAMPA BAY— Reassigned Jeff Buchanan, 
defenseman, Irom Atlanta. IHL to DetroH. 
IHL. 

COLLEGE 

BOWL ALLIANCE— Announced fr-veor 
centred vrtlh Ihe Gator Bowl that will feature 
2nd-p*oce finishers tram the Aliantlc Coast 
and Big East conferences. 

copper bowl foundation— A n- 
nounced a two-year agreement wttn fhe west- 
ern Athletic and Bto Eight conferences. 

ARIZONA— Announced (hot Ben Davis, lu- 
n lor basketball forward, will os Ineligible tor 
Ihe first semester this season for not comply- 
ing with an NCAA rule an satisfactory pro- 
gress. 

CALIFORNIA— Stoned Todd Bozeman, 
men's basketball cooch, to a contract exten- 
sion through the 1998-99 season. 

CORNELL— Named Charles Moore athlet- 
ic director. 


FAIRFIELD — Named Eugene Doris ath- 
letic director effective nov. |. 

GEORGE MASON— Named Tom OTonnar 
attitotlcdlrectar ond agreed to terms with mm 
on 5-year contract. 

HOWARD— Named Mike McLeesc man's 
basketball coach. 

MANHATTAN— Extended the contract of 
Fran Froschllla. men’s basketball cooch, 
through the IW-fi season. 

-MA5SACH USETTS— SUwehdeCK AUchaet 
Williams, guard, tor 3 games tor academic 
reasons. 

Miami— A nnounced that Tremaln Mock, 
freshman safety, has been suspended indefi- 
nitely (or violating team mtos. 

MISSOUR I — Suspended Michael Washing- 
ton, senior full Dock; Vic Foust, lunlor tight 
end; and Shod Crtts. trestmtan wide receiver, 
indefinitely far breaking team rules. 

NEW MEXICO STATE— Dismissed of 
Lance Johnson, lunlor guard, from me men's 
basketball team for violating team policy. 

NORTHEASTERN— Named Tam Mutch 
assisted ice hockey coach. 

NORTHWESTERN— Extended the con- 
iroct of Gary Barnett, football coach. 

OKLAHOMA STATE— Homed Terry Dan 
Phillips athletic director. 

RUTGERS - N amed Gregory Mines men's 
assistant basketball coach. Suspended 
Charles Jones, sophomore basketball guard, 
far Ihe ft rsl two extalbi lion gomes for oeadam- 
le Irresponsibility lost semester. 

ST. LOUIS— Named Doug Wbotarfl athlerkr 
director ond Greg Lackey men's assistant 
basketball coach. 

TEXAS— Suspended Lovett Pinkney. Mike 
Adams and wane McGartty, wide receivers; 
Jonathan Hfckereon and Dwtont Kirkpatrick. 
Ilneeockers; Darrell Wilson, running back; 
ond Sftunle Han, defensive back, indefinitely 
lor conduct imrepresentailve ot the school 
TEXAS CHRISTIAN— Named Steve Smith 
men's assistant basketball coach. 

UCLA— Suspended Tommy Bernte It, safety, 
far the tall quarter far preparl no o false finan- 
cial swtemen i . 

UNLV— Announced the resignation of Jim 
Weaver, atniertc director. Named TlmGreur- 
icti men's bo sk et boll coach and David Rice 
and Howie Landa meals assistant basketball 


South Africa Added to Europe Tour 

SOTOGRANDE, Spain (Reuters) — The 1995 European golf 
tour will include a tournament in South Africa, officials an- 
nounced on Wednesday. 

The South African PGA championship. Feb. 16-19 at ihe 
Wanderers Golf Gub in Johannesburg, will be an official Europe- 
' an Tour event, the executive director. Ken Schofield, said* on the 
eve of the Volvo Masters al Valderrama. 

The tournament will also be part of the South African tour and its 
field of 144 will be split evenly between players from the two lours. 

• Tiger Woods, the 18-year-old black golfer, won the Jerry Pate 
National Intercollegiate Tournament by two strokes at the former- 
ly segregated Shoal Creek course in Birmingham, Alabama. (AP) 

For the Record 

Mediator WJ. Usery’s meeting with striking baseball players 
was postponed a day, until Wednesday, for the convenience of 
some of those attending the session; additional bargaining is not 
expected until the latter part of next week at the earliest (AP) 

Algeria is dropping its ban on competition against Israeli 
athletes because of the moves being made toward peace in the 
Middle East the country's sports minister said. (AP) 


Sacchi Critics’ New Complaint: 
Coach’s $2.25 Million in Salary 

Reuters 

ROME — The critics of Italy’s soccer coach. Arrigo Sacchi, 
were given more ammunition Wednesday after an official of 
the national federation leaked details of Sacchi’s lucrative 
contract to.the press. 

Sacchi earned $1.75 million for the year to June 30. and is 
expected to pick up a bonus of $500,000 for leading the much 
criticized team to second place in last summer's World Cup. 

The figures were contained in a anonymous letter faxed to 
the Corriere dello Sport newspaper, which published them on 
its front page. 

They were later confirmed by the federation's president. 
Antonio Matarrese who said that his organization was only 
paying the going rate for a top Italian coach. 

Sacchi has pay rises built into his contract, and so will earn 
even more in the 1995-96 season, the last on his contract. 

Sacchi has been in charge of the national squad for three 
years, but his teams have never produced the kind of spectac- 
ular soccer with which he made his name as a coach at AC 
Milan in the late 1980s. 


VMI— Announced Ihe resrtnotlon of Chris 
FtmuDod, bOMOnll cooch. 


To subscribe in France 
fust coll, toll free, 
05 437437 


CROSSWORD 


ACROSS 

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member 

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Compact signer 


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A. TVTTA AIRLINES 

TOO'Il LOVE TM W*r Wl ril' | 

DESTINATIONS 
COMPETITION 


WIN FIRST CLASS TICKETS! 
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17 — major 
{legal doemne) 
ib "Faust" 
character 
19 New York's 
Utile 

30 Start ol a 
laped button 
warning 
message 

23 Cut down 

24 Mexican snack 

28 Hooha 

29 American rival 

32 Words alter see. 
hear or speak 

33 Barnyard belle 

34 Simpb1ie5. with 
'down' 

36 Rocket slaqp 

37 Pari 2 ol the 
messnye 

39 Capable ot 
makmq 
mistakes 

42 Football's Papa 
Bent. Geoiflr* 

43 Wrecker 
46 Come mil 

4B ' MaybcH ry 
49 Stnqei Amos 
so Mali Dillon, c q. 

52 Snouted beast 

53 End oi the 
message (we 
warned you!) 

57 Spice- rack item 
GO Gettysburg 
victor 

si Jazz musician 
63 Run oft 
63 Tidal 
G4G.P grp. 

*5 It'S 

unfathomable 
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■7 Back talk 


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unnecessary 

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3 Washington's 
Range 

4 Military group 

3 One who 

charges 

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TMarhsubieci 

• Wing it 

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piopeilies 

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Iriend 

f i G 5 S princess 

14 Fiench 
seasoning 

■3 — — which way 

2 < Siouan Indian 

22 Dog holder 

25 had it'" 

26 lizzie 

27 Srhnojj 
exlenston 

29 Coal measure 

30 Gw tie s giant 

31 Hitching post’ 

34 Cosh openings 

35 Kind ol poruail 

37 Esculent tools 

38 Groovy, ihese 
days 

39 Border 

40 Actress 
Thurman 

4 1 Debussy's 'La 

43 Kind of 
anesthetic 

44 Pape' art 

43 Eavesdrop, in a 
way 

47 Wear awav 

49 Smear 

51 Bar dance’ 

52 Tne way things 
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Solution to Puzzle of Oct 2ri 
|A|R|C|hHM|A|S|C| 


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AlVlElS 

DELL 


54 tide 

55 Skiing 
memenio. 
perhaps 

56 Garfield’s pal 
S? Maude 

pan rayer 

58 Priest's 
garment 

59 Kind ot sauce 


00OH 
BOBCi dhhui aanitaa 
□□□snpgaatgnnin 
HEinaiin uagaasa 


E Y R E|D I R |T*S C A N 


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The IHT/JAL 
Competition 

The results of the IHT/JAL 
Competition will be published 
in tomorrow’s newspaper, 
Friday, October 28th. 

■TiR |k INTEHffmoflU. MtoB • | 

iicralo^lSfeSnbunc 


Stpm Mtotr 


Don't miss the upcoming 
Special Report on 

Private 

Banking 

in the October 31st 
issue of the newspaper. 

3 teralb^»ribune 


r mc# vo*n twn ambuIp i 


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Page 24 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 27 



ART BUCHWALD 


And the Other 6 Nights? 



Bucfawald 


\I7ASHINGT0N —The lat- 
7 sex survey from the 
university of Chicago is full of 
surprises. One of the biggest is 
the news that on average Amer- 
Jcans have sex only once a week. 

The follow-up question that 
respondents were not asked 
was, whai do 
people do with 
the rest or their 
time? 

I inter- 
viewed several 
members of 
the public in 
hopes of get- 
ting answers. 

This is the 
question I 
posed, "If you 
have sex once a week, how do 
you fill the other six nights?” 1 
didn't say ‘days’ because no 
American in the survey admit- 
ted to having sex in the day- 
time. 

□ 

Here axe some of the answers 
I was given: 

Mrs. N.: *T just sit there each 
night and count my blessings 
with Irving.” 

Mrs. C. responded: “I do my 
nails. Nobody knows how excit- 
ing life can be until you remove 
old nail polish and pat new pol- 
ish on in its place.” 

Mr. F.: “I have hobbies. I do 
E-mail on my computer on 
Monday night, I play poker on 
Tuesday, I watch wrestling on 
Wednesday, and then Gara and 
I always have sex on Thursday 
unless there is a basketball 
game, in which case she calls 
her sister and I spend the eve- 
ning in the den.” 

Goring Set for 'Carousel’ 

New York Tones Service 

NEW YORK — The revival 
of Rodgers and Hammerstein’s 
“Carousel" that has been play- ‘ 
ing at the Vivian Beaumont 
Theater since February will 
close on Jan. 15, Lincoln Center 
has announced. 


“Do you ever think about do- 
it twice a week?" 1 asked 
__ Y. 

“That's for R-rated people. 
Lawton and I are PG ” 

□ 

Mrs. L told me, “We’re mid- 
dle class, and sex doesn't mean 
as much to us as it does to 
Princess Diana or Madonna. 
Sometimes we do it on Saturday 
night because that's the worst 
ev enin g for TV programs, and 
lately we do it when the O. J. 
Simpson trial is in recess. But 
we never fail to do it once a 
week just so that the whole sex 
survey won't be out of whack.” 

Mr. M.: “I work very hard in 
a warehouse stacking boxes at 
one end and uns tacking them at 
the other. When I come home 
I'm exhausted and I don't even 
want to think about having re- 
lations with my wife. Whatever 
energy I have goes into my 
bowling. Maybe we don't in- 
dulge in any hanky-panky to- 
gether, but i have a good rela- 
tionship with my wife and she 
knows when 1 bowl a strike, it's 
the same as making love." 

□ 

Mrs. J.: “I think that the sta- 
tistic is too high. Only perverts 
would do it as often as once a 
week. That's four times a month 
or 52 times a year. We have a 
rule in our house: If it's not full 
moon, you can count Milton 
and me out.” 

Mrs. W.: “The problem is 
that if Americans do it only 
once a week they'll never have 
as man y babies as they have in 
C hina. It isn't a question of 
making love or making war — it 
really is making love or getting 
snookered by a most favored 
nation's treaty.” 

Mr. Q.: "It ail depends on 
what’s happening witn the laie- 
night shows. We always made 
love when Johnny Canon was 
on, but Jay Leno just doesn’t 
put us in a romantic mood.” 

“Maybe you should watch 
Rush Umbaugh for foreplay.” 

“I'd rather go to sleep”. 


Road to Battle Creek: Movie Worries Cereal Capital 


B 


By Rebecca Fowler 

Washington Post Service 

ATTLE CREEK, Michigan — On a typi- 
cal afternoon at the turn of the century, 
John Harvey Kellogg — physician, cereal vi- 
sionary and founder of the modem health 
movement — could be found in his study at the 
Battle Creek Sanitarium, bending over to ad- 
minister his fifth enema of the day to himself. 

. one of his most treasured 

rituals. 

purity 

was the first institution of its kind dedicated to 
the pursuit of good health through a series of 
revolutionary treatments. 

He evangelized the fat, the sick and the tired, 
putting them through rigorous exercise to mu- 
sic (a century before Jane Fonda); feeding 
them bean calorie-counted vegetarian menus; 
bunking them in beds attached to elaborate 
f unnels that pumped in fresh air; and tending 
their bowels with ardor. 

These images of the doctor’s world, with an 
emphasis on the scatological, are portrayed 
with quirky affection in “The Road to WeU- 
vflle,” starring Anthony Hopkins as Kellogg. 

The film, which opens Friday in the United 
States, shows Kellogg preaching his code for 
healthy living, a set of nostrums ranging from 
the inspired to the absurd, amid a host of Gilded 
Age neurotics, eccentrics and entrepreneurs ea- 
ger to latch on to the health bandwagon. 

But the depiction of Kellogg, who also in- 
vented peanut butter and the electric blanket, is 
causing angst among his followers. In Battle 
Creek, where he is stm a local hero, the Kellogg 
company, founded by his younger brother, has 
completely disassociated itself from the film, 
and residents are concerned that the good doc- 
tor’s memory will be besmirched. 

Their anxiety is not likely to be calmed by 
images of the doctor prescribing a 13-gallon 
yogurt enema to a young male guest, or his 
constant references to the perils of the colon. 
“There is concern about what kind of film 
would come out of a book that is fictional but 
based on a real person.” said Marlene Steele, 
the historian at Battle Creek’s public library. 
“Wellvillc” is based on a novelized treatment of 
Kellogg’s life by a master of dark humor. T. 
Coraghessan Boyle. “People are excited,” 
Steele allowed, “but they’re also worried maybe 
it will put Battle Creek into a bad light, and not 
represent a true picture." 

But Alan Parker, who directed the film and 
wrote the screenplay from Boyle's book, insists 
that the hero has been shown m a positive light. 
“I read almost everything 1 could about him, 
and the dialogue is based pretty obviously on 
most of the things he said,” Parker asserted. 



Softaded Anthony Hopkins as Dr. Kellogg in a scene from the film “The Road to Well rifle.’ 


“He was a very autocratic figure, that’s for sure. 
He was absolutely sure be was right about 

every thing . Yet we show him in 3 good light, 
albeit eccentric.” 

Hopkins's performance, the director said, is 
“much less gruff than Kellogg is in the book, 
and he comes across as more benign in the film. 
It’s meant to be an outrageous comedy.” 

In his heyday, John Harvey Kellogg, author 
of more than 50 books including “The Crippled 
Colon” and “The Disposal of Slops and Gar- 
bage,” was the toast of the rich and famous. 
Visitors to “the San," as his sanitarium was 
called, included Eleanor and Teddy Roosevelt. 
George Bernard Shaw, John D. Rockefeller, 
Henry Ford and Johnny Weissmuller, the mov- 
ies' Tarzan. The first sign that greeted them at 
the gates of the elegant spa was “No Smoking 
on the Grounds.” 

Kellogg also preached against alcohol, meat 
(“a tide of gore") and sex (“the sewer drain of a 
healthy body”). He apparently did not indulge 
in any of these unhealthy appetites throughout 
his life — the 42 children in his care were all 
adopted. 

It all began with a vision. In the 1850s. Ellen 
White, a senior figure in Battle Creek’s Seventh 


Day Adventist Church, announced that God 
had appeared to her and spoken of the virtues 
of healthy diet and hydrotherapy. The Lord 
gave her step-by-step instructions on how to 
buy land and set up a water cure. 

The task of directing this inspired institution 
fell on the shoulders of Kellogg, whose medical 
training was sponsored by White and who 
invented the word “sanitarium.” The San pros- 
pered under his leadership, but a feud broke 
out when White, who continued to receive 
divine instructions, claimed that Kellogg’s ex- 
pansions did not coincide with her visions. 

The San flourished despite the rift. At its 
busiest, near the dawn of tins century, its cos- 
mopolitan clientele paid $6 a week for a room 
and $10 more for treatments. Among the most 
common ailments Kellogg treated was some- 
thing he called “the neurasthenic condition.” 
Also known as “nervous prostration” or “auto- 
intoxication,” this was a 19th-century version 
of stress. 

One of the most popular treatments was 
“diversion from morbid ideas and introspec- 
tion" through doses of fresh air, sleep and 
“bottled sunlight." Intense electric lights, de- 
scribed as “resuscitated sunlight of 10,000 can- 
dle power." were aimed at patients, who wore 


protective glasses. Neurasthenic patients were 
m assag ed bathed in mud and stretched tat 
speriaT tables. A Dr. Giesd appeared at the San 
to lecture on the “evils.wrought by corsets and ; 
high heels.” . .. 

As the San’s reputation spread, visitors 
poured through its doors — 700 every week — 
and the Battle Creek Idea, a weekly magazine 
promoting San treatments, was circulated 
around the wold. In 1901, Leo Tolstoy Jr. 
wrote to the magazine on behalf of his father, 
the Russian nobleman and author of "War and 
Peace.” Count Tolstoy loved its vegetarian diet, 
his son reported. . u _, 

Kellogg was an international star, we au 
knew him in Battle Creek, and he never dressed 
in anything but white, and he had a white 
goatee,” said Robert Sharpe, aged 80, whose 
mother worked for Kellogg at the San. “He had 
an electric car with pink flowers on the doors. 
He let all the children use his swimming pool, 
which was quite something.” 

Yet it was not the sanitarium, or his regime 
of Gastric Correctness, or.his stem loathing of 
masturbation, or his white outfits, worn to 
perfect his body’s interaction with solar rays- 
tha t made the Kellogg name immortal. Rather, 
as Hopkins says in the opening scene of the new 

film: “The cornflake is my gift to the world.” 

The facts have been lost in the mists of 
Ifw-nH , obscured by a cloud of opposing theo- 
ries and claims regarding the evolution of the 
tasty, lucrative morsel- Among those c lai m i ng 
some credit for the cornflake industry was 
Ellen White — No. 35 on her list of godly 
visions deal t with r unning a cereal factory. 

But according to the Battle Creek Historical 
Society, one general theme runs through all 
cornflake theories: John Harvey was in the 
kitchen at the San one day in 1894* along with 
his wife, Ella, and his younger brother. Will. 
The devoted vegetarians were experimenting 
with wheat products to serve their guests. A 
portion of wheat bran was rolled out and put 
over to one side and forgotten. 

When they returned, the bran was stale. On a 
whim, they decided to force the gain through a 
set of rollers and it broke off into perfect 
individual flakes. When baked, the flakes tast- 
ed crisp and light. Com tasted even belter, and 
the cornflake was bom. 

It was Will, the younger and less flamboyant 
of the brothers, who recognized the potential of 
their invention. In 1906 he set up a cereal 
company, after arguing with his brother over 
the $50,000 cost of the factory. In 1922 the 
company was christened Kellogg’s. 

The cereal's success quickly attracted com- 
petitors to Battle Creek, which became known 
as the Cereal Bowl of the World. 


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WEATHER 


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Europe 


Forecast for Friday through Sunday, as provided by Accu-Weather. 



Today 


Tomofiow 


High 

Low 

W 

Mgh 

Law W 


OF 

OF 


CfF 

OF 

Algaive 

19*6 

16*1 

Eh 

19*8 

14*7 sh 

Anutoiujin 

11/52 

tua 

■h 

12*3 

6/48 A 

Antoni 

21/70 

5/41 

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19*6 

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AUwtw 

23/73 

17/62 

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18*4 kh 

Bocsbna 

19*6 

17/62 

ah 

22/71 

14*7 1 

B«Jpade 

17*2 

9/48 

c 

21/70 

12*3 pc 

Bfrtn 

6/46 

4/39 

i 

11/52 

4/39 sh 

Bnnoab 

9M8 

7/44 


13.56 

4*9 aft 

BuJapaa 

14/57 

6/43 


17*2 

10*0 pc 

Copenhagen 

8'46 

8/43 

1 

9/46 

4*9 Eh 

Coma Dei Sol 

21/70 

18*4 

sh 21/70 

16*1 1 

DiMn 

9/48 

3*7 

Bh 

11*2 

205 pc 

Edrfcwsti 

10/50 

7/44 

Eh 

11*2 

8/43 1 

Harence 

13/66 

11*2 

■ 

19*8 

13*5 1 

FisiiMun 

9/48 

5/41 

* 

13*5 

8«J pc 

Geneva 

12*3 

6/43 


13*5 

6«3 r 


7M4 

S/41 

l 

7/44 

4/38 r 

toantnH 

21/70 

14*7 pc 21/70 

14*7 sh 

Las Palmas 

25/77 

18*4 

pc 

24/75 

19*6 S 

Inbon 

18/84 

13*5 

ah 

1H/64 

14*7 pc 

London 

11.52 

8 '48 

ah 

12/53 

0/43 sh 

«*»W 

18*1 

12*3 

l 

17*2 

a/48 sh 

Ittn 

16*1 

8*46 


17*2 

11*2 r 

Moscow 

11*2 

6/43 

c 

9/48 

3/37 Jt> 

Mra*h 

10*0 

3/37 

pc 

13*5 

5/41 pc 

hbee 

19*8 

12/53 

pc 

20/68 

13*5 1 

Otto 

8/43 

3/37 

r 

7/44 

2/36 I 

Pnton 

18/84 

17*62 

ah 

22/71 

16*1 1 

Pari, 

11*2 

8/48 

rfi 

13*5 

8 A3 sh 

Prague 

10*0 

307 

c 

14*7 

6A3 S 

Hey*pvk 

409 

0/32 c 

4 . 3 a 

104 an 

Barr® 

21/70 

12*3 


22/71 

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Si Petoretemj 

8/48 

4/39 


8/46 

307 r 

Sod<te*n 

b/43 

5/41 

ah 

7/44 

4/39 r 

Shariiwy 

9/48 

4/39 


12*3 

4/33 Sh 

Taton 

7/44 

5/41 

1 

BM6 

S/41 r 

Venice 

17/63 

9.48 


16/64 

13*S sh 

Vsvmo 

11*7 

6/43 


14*7 

a/46 a 

Whs an* 

1050 

3/37 

sh 

11*2 

0/43 sh 

Zuch 

11*2 

4ZM 

c 

12/53 

6/43 sh 

Oceania 

AucUmd 

30*8 

11*2 


20.141 

13*5 ah 

Sydney 

23/73 

14*7 

1 

M/75 

13*5 pc 












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JR*. 


I Snow 


North America 

New York and Washington. 
D.C . will have dry weather 
and a warming Trend Friday 
and Saturday. A few 
showers a-e possible on 
Sunday. Chicago and 
Toronto wll be warm and dry 
Friday. There will be 
showers Saturday, then a 
cooldown. A cool rain will 
develop in the southeast Bus 


Europe 

Heavy rains will soak 
nonhem Spain Friday. A 
chilly ram wil slide northward 
across Switzerland. 
Germany and Poland this 
weekend. London and Paris 
wfl be chilly waft a few brief 
showers (his weekend. 
Rome will be sunny and 
warm Friday, then showers 
wiB arrive over the weekend. 


Middle East 


Latin America 


Today To 

High Lam W High Low W 

OF OF OF OF 

26*79 19/68 pc 26/79 21/70 a 

27*0 I3*S s M/76 17/8? * 

M/76 9M6 » 33/73 12*3 S 

M.73 74/57 S 23/73 76*1 » 

33/31 18*1 a 33/31 14/57 s 

31/80 20*8 • 34/93 21/77) 4 


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Cara 
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Lagand: s-eunny, pc-NfOv cloudy, c-douiy, A-rirnn. Hhutaeratoma, warn, a/-anow Ihariea, 
fkw. Wee. W-Woudvr Ad maps, torc c- te and data provide d by Accu-Wcsther, Inc. © IBM 


Today Tomorrow 

Hlsh Lav « Me Low W 
C* OF OF OF 

BrnnosAhaa 19*6 10*0 an 18*4 a/46 pc 

Caracas 29*4 2068 pc 28*2 20*8 pc 

Lana 20/68 16*1 c 19*0 10*1 pc 

RKndooCty 25/77 12*3 pc 24/75 12*3 pc 

HodeJamko 27*0 22/71 pc 31*8 19/6B pc 

** - 24/76 9/48 pc 23/73 9/48 PC 


Asia 

Typhoons Verna and Wilde 
will move northeastward 
across the Pacific Ocean, 
well to the souiheasl of 
Japan litis weekend. Ctouds 
will break to allow some 
sunshine from Tokyo 
through Osaka. Beijing wil 
have dry. cool weather this 
weekend wMe Hong Kong is 
sunny and pteasart. 


Asia 


Today 


Tomorrow 


High 

Low 

W 

K)gfc 

Low 17 


OF 

OF 


C/F 

C/F 

Bon^eh 

31/68 

23/73 

pc 

31/88 

24775 ah 

E^e 

13*6 

0/32 


14*7 

2/35 a 

Hong Kong 

29*4 

23/73 

pc 

27*0 

21/70 eh 

Msnfa 

31 *0 

M/75 


30*6 

24/75 ah 

NewDafli 

34/93 

16*4 

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36*7 

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Seem 

22/71 

8/48 


20/66 

7744 a 

Shanghai 

22/71 

11/52 

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20*8 

11*? 9 

Sngixm 

30*6 

23/73 

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31/68 

24775 ah 

Tap- 

28/79 

19*8 

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26/79 

19/66 pc 

Tokyo 

18*4 

12*3 

ah 

20*8 

14*7 pc 

Africa 

/UBtam 

23/73 

18*4 

1 

27*0 

16764 a 

C*p«T0¥41 

19*6 

11.52 

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21770 

14*7 a 

CaeaUanea 

20/68 

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19*5 

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Haora 

19*8 

9/48 


22/71 

9/48 PC 


23*4 

23/73 

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24775 ah 

Nafcehi 

21/70 

11*2 


23/73 

12*3 1 

Torta 

20/70 

17*2 

pc 

31*8 

19*6 S 

North America 

AfldWMI 

104 

■6/22 


205 

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Man a 

19*9 

6/43 


19*6 

7/44 3 

Braacai 

14*7 

0/43 


13*5 

6/43 PC 

Chicago 

17*2 

BAG 


18*4 

BA8 a 

Dem*f 

24/75 

6/43 


23/73 

307 a 

Devos 

15*9 

6/43 


10*1 

6/43 a 

HonoUu 

31*8 

25/77 

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31*8 

26/79 pr 


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New Yak 
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San Fran. 


22/71 
29*4 
29*4 
10*4 
8/46 
32*9 

14/57 . . . .... 

33*1 16*4 s 33*9 (7*2 a 
21/70 12*3 • 21/ID BM8 a 
16*1 9/48 > 13*5 5/41 dl 
11*2 104 pc 13*5 4139 PC 
16*1 6/43 ps 18*4 6/46 a 


0/40 9 22m 12*3 pc 
16*1 a 26*2 15/59 a 
19*0 1 27*0 19*6 pc 

8/43 pc IB*4 5/41 pc 
-2*9 pc 13*5 409 c 

22/71 pc 32*9 23/73 pc 
7/44 pc 17/83 9/48 a 



Oteg Popov/ R ouiot 

EXPORTING SOUNDS — The 
American guitarist John Scofield, 
performing in Bulgaria during Sofia’s 
International Jazz Festival. 


B UCKINGHAM Palace has denied a 
report in a New York newspaper that 
Princess Diana is negotiating to buy a $3.5 
milli on Manhattan apartment Quoting 
unnamed sources, the New York Post said 
Diana, who visited the city last week, is 
anxious to close a deal on a 12-room apart- 
ment in the Trump Tower on Fifth Ave- 
nue. A palace spokesman said: “Tins re- 
port is absolute rubbish. The princess has 
no intention of-buying-any property in 
America or of moving to America." 

□ 

A British writer has become a million- 
aire overnight after selling his half-finished 
first novel to Robert Bedford. The inde- 
pendent film producer Nick Evans had 
only completed 215 pages of “The Horse 
Whisperers” when his agent showed it to 
publishers and film studios. Redford 
clinched the deal with an offer of £1.9 
million ($3.1 million). 

□ 

Abracadabra! Now you see David Cop- 
perfiekFs limousine, now you don’t. The 
car's manufacturer reported the $400,000 
vehicle stolen from the Grand Hotel in 
Milan while the magician was Paris. 


Burt Reynolds has $25 million in debts 
and wiD seek court rdief, the New York ' 
Post reported. The paper quoted Reyn- 
olds’s lawyer as saying that his client 
"needs breathing room” Reportedly, 
nothing remains of $23 million Reynolds 
earned during his marriage to actress Lom 
Anderson. 

□ 

The screenwriter who won an academy 
award for the 1942 classic “Casablanca” 
and announced that he would put the Os- 
car up for sale has reconsidered. “To me 
it’s just a statue,” said 91-year-old Howard 
Koch, who had said he wanted to auction 
the Oscar to pay for his granddaughter’s 
studies. He added, “I’ve been haying sec- 
ond and third thoughts about it because of 
the way other people feel about it.” 

□ 

A foundation created by the late Rudolf 
Nureyev to benefit young dancers is suing 
his survivors to prevent them from seeking 
rights to his personal property. The law- 
suit, filed in federal court in New York, 1 
concerns art, antiques and other objects 
Nureyev kept in his apartment at the Da- 
kota, which were to be sold. 



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RUSSIA*T(M0SC0W) 155-5042 

BULGARIA. 

. 00-1800 -0010 

BRAND 

.1-0QO-55B-8M 

PORTUGAL* ... 

05017-1-200 

CiPBUS’ 

reo-TOio 

BOLIVIA* 

..n-800-1112 

HONGKONG 

BOO-1111 

SAIfW 

... . 235-2372 

CWNOIA** 

99-38-0011 

naur* 

172-1B11 

ROMANIA. 

01-000 -4208 

EGYPT* {CAIRO} 1 

.. 510-0200 

BRAZIL 

000-8010 

INDIA* 

. .000-117 

SINGAPORE ... 

800-0111-111 

CZECH REPUBLIC . 00-420-80101 

LIECHTENSTEIN*. 

155-00-11 

SLOVAK RB>. 

00-420-00101 

ISRAR. 

177-100-2727 

CANADA 

.. .! soo-srs-zs; 

INDONESIA* 

. 001-801-10 

SHI LANKA 


DENMARK* 

.. 8001-0018 

LITHUANIA* 

B0196 

SPAM.. ... 

900-98- DO-11 

HKMIT . .. 

eui-2fl8 

CHILE 

800-0312 

JAPAN*. 

_ 0039-111 

TAIWAN' . 

. 0080-10288-0 

FINLAND* . 

B0O&-18O-18 

LUXEMBOURG. . 

.. .0-600-0111 

SWEDEN* 

028-793-011 

LQAN0N (BEIRUT] 

1* .425-001 

COLOMBIA 

380-11-0010 

KOREA 

00S-11 

THAILAND* .. 

0QI9-99MI1I 

FRANCE. . 

.190-W11 

MALTA 

0000-090-110 

SWITZERLAND* 

15S-M-11 

SAUDI AFlASlA .. 

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EL SALVADOR’. 

.190 

tWCAO . . . 

.. .0800 111 

EUROPE 

GERMANY 

0138-0010 

MONACO*.:.... .. 

. 100-0011 

LXRAWET . 

00100-11 

TURKEY* 

00-800-12277 

HONDURAS*. 

.123 

MALAYSIA* 

.000-0011 

ARMENIA'' .. 

. .. .0014111 

GREECE* 

00-000-1311 

KETH BUNDS* . 

...00-022-9111 

U.K. 

.....0501-09-1)011 

U. ARAB EMIRATES* 

600-121 

MEXICO*/ 

95-800-462-4240 


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797-797 

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